Marketing is a complex concept that encompasses a wide range of activities, from market research and advertising to product promotion and sales. It is the process or technique of promoting, selling and distributing a product or service, as a set of functions involved in the transfer of goods from producer to consumer. To understand what marketing is, it is important to look at the definitions provided by the American Marketing Association (AMA) and Dr. Philip Kotler, author of business school marketing classics.
The AMA defines marketing as “the action or business of promoting and selling products or services, including market research and advertising.” Meanwhile, Dr. Kotler defines it as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.” Both definitions emphasize the importance of understanding customer needs and delivering value in order to achieve success in marketing. In addition to these two definitions, there are many other perspectives on what marketing is. For example, some experts define it as “the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” Others define it as “the process of identifying customer needs and developing strategies to meet those needs in order to achieve organizational goals.” No matter which definition you choose to use, it is clear that marketing involves understanding customer needs and developing strategies to meet those needs in order to achieve organizational goals.
It also involves creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing is an essential part of any company's growth strategy. It is used to promote products or services and increase sales. Companies use various marketing techniques such as market research, advertising, public relations, social media marketing, content marketing, search engine optimization (SEO), email marketing, and more.
Whether you are a marketing expert looking to update your definitions or a beginner looking to understand what marketing is in the first place, this comprehensive guide provides all the information you need. We have included definitions from leading experts in the field as well as advice on how to use these definitions in practice.