When we examine reliable sources such as books, marketing organizations, and well-established websites, we find various definitions of marketing.
According to these marketing organizations, marketing can be defined as:
“The management process responsible for identifying, anticipating, and satisfying customer requirements profitably” (CIM, 2015).
“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” (AMA, 2017).
“A strategy of adaptation of organizations to competitive markets to influence the behaviour of the public on which they depend, offering products perceived as durably superior to competitors. In the commercial sector, the role of marketing is to create economic value for the company by creating value as perceived by customers” (French Marketing Perspective, de Baynast, Lendrevie, and Lévy, 2017).
Website definitions of marketing include:
“Marketing refers to any actions a company takes to attract an audience to the company’s products or services through high-quality messaging. Marketing aims to deliver standalone value for prospects and consumers through content, with the long-term goal of demonstrating product value, strengthening brand loyalty, and ultimately increasing sales” (Forsey, 2022).
“Marketing is the practice of creating interest in a product or service and convincing potential customers to buy it” (Shopify, 2022).
“Marketing includes activities undertaken by a business establishment or an individual to promote their services and products” (Economic Times).
Books define marketing as:
“The modern marketing concept can be expressed as ‘the achievement of corporate goals through meeting and exceeding customer needs better than the competition” (Fahy and Jobber, 2015).
From these definitions, it is evident that the concept and definition of marketing have evolved from a transaction-based model (4Ps: price, place, promotion, etc.) to a relationship-oriented concept that focuses on delivering value to customers (Baines et al., 2019).
In conclusion, marketing encompasses any activities aimed at fulfilling customer needs and enhancing their value. While some people associate marketing primarily with advertising or selling, it is, in fact, a crucial management discipline that ensures producers of goods and services can understand and meet consumer desires. The marketing process is central to the business performance of companies, both large and small, as it addresses the most critical aspects of the market. Marketing involves understanding the competitive marketplace, tapping into key trends, and reaching consumers with the right product at the right price, place, and time.
Effective marketing has been instrumental in many recent business success stories, spanning industries from pharmaceuticals to airlines, sports brands to food and drink, business-to-business companies to small niche players. Without proper marketing, it’s challenging to get close to customers and meet their needs, and in today’s digital age, your competitors certainly will if you don’t. As digital and mobile technology continues to influence all aspects of life, marketing has become more targeted, relevant, and effective.
In a world with increasing competitive pressures, marketing skills are more highly valued than ever. What was once seen as a departmental activity is now regarded as a fundamental business attitude for all employees. Professionals who shape and implement marketing strategy contribute directly to the economy. Their skills attract and retain customers, build sales, and increase profits, ultimately generating wealth for all.
Good article