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Definition Of Marketing

Marketing is the process by which businesses create and deliver high customer value and ensure customer satisfaction by profitably developing strong customer relationships.

Engagement is a fundamental marketing concept that companies use to build lasting relationships with their customers. In this day and age, it is important to create a strong relationship with customers and satisfy them.

Marketing plays an important role in meeting the needs and wants of customers, the welfare of the society, generating profit for the company and achieving the economic growth of the country.

Introduction To Marketing

Some famous authors describe marketing as…
According to the American Marketing Association , “Marketing is the process of developing, pricing, promoting, and distributing ideas, products, and services to achieve individual and organizational goals, and planning and implementing them.

According to Philip Kotler and Gary Armstrong, "Marketing is the process by which companies create value for customers and create lasting relationships with customers in order to obtain customer value in return."

Bowie, Houston, and Thiel state that "marketing is the process of developing and communicating ideas, products, and services that meet the needs of customers and organizations using the principles of pricing, promotion, and distribution."

William J. Stanton, Michael J. Ezell and Bruce J. Walker says, "Marketing is a complete system of business activities designed to plan, evaluate, promote, and meet the needs of target markets. Organizational goals."

From the above discussion and the definition of marketing from famous marketing authors, we can conclude the following.
  • Marketing creates value for customers.
  • Marketing ensures customer satisfaction in a cost effective manner.
  • Marketing builds strong relationships with the customer and nurtures those relationships.
  • All marketing activities go hand in hand with customers.
  • Goods or services are exchanged in the course of a transaction.
Modern Marketing Process

Visualization : Let's see the main local elements of the transaction process from the above image. The company competes with competitors to provide services to end users.

Marketing is the process by which companies seek to prioritize customer satisfaction, customer value, customer relationships, and social welfare in order to achieve organizational goals.

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