What is Marketing?
The process by which companies create value for customers and build strong customer relation in order to capture value from the customers in return is known as marketing. Steve Dawson – President, Walkers Shortbread Inc. once said that Marketing is products that don’t come back and consumers that do.
Most popular definition is given by Dr. Philip Kotler
He defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.”
According to the American Marketing Association (AMA) Board of Directors, Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Business Dictionary termed Marketing as a management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P’s of marketing:
(1) identification, selection and development of a product,
(2) determination of its price,
(3) selection of a distribution channel to reach the customer’s place, and
(4) development and implementation of a promotional strategy.
Actually marketing is all about building a brand about your product & show the customer that your product is the best product available in the market.