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There are different definitions of marketing, almost every author of a marketing book puts forward his own theory of the essence and concept of marketing, comes up with his own unique definition of marketing. You can use any definition of marketing by a famous author which conveys the following essence of marketing activity:
The essence and the main content of the theory of marketing can be described in 13 words:
Marketing is a process in which the value of a company’s goods increases and there is a favorable exchange between the buyer and the seller. This is the definition given by modern marketing theory: as a result of a profitable exchange, the buyer satisfies the existing need, and the seller maximizes his income. In this article you will find various definitions of marketing by different authors, including the definition of marketing by Kotler.
The marketing mystery is that it is one of the oldest activities of mankind and nevertheless is considered as the youngest business discipline.
Baker (1976).
The concept of marketing from Kotler and Armstrong, 2010 (also called the definition of marketing by Kotler or the classic definition of marketing) – define the concept of “marketing” as a social process through which companies and individuals exchange value created to meet their needs. Those. Companies create value for consumers (in the form of a product or service) and develop a strong relationship with them to get value from them in return (cash).
The definition of marketing for Kotler is based on the exchange process, recognizes the importance of the “value” of the product for the end customer.
The concept of marketing from The Chartered Institute of Marketing (CIM), 2012 – defines marketing as managing the identification, prediction and satisfaction of consumer needs for the purpose of making a profit. Managing the identification, prediction and satisfaction of consumer needs for the purpose of making a profit.
This definition of marketing includes not only the process of “determining what the consumer wants” but also affects such short-term processes as “satisfaction” and has a long-term perspective “forecasting expecting future needs”. This definition also makes the importance of the “marketing” process itself, defining the goals and results of the process – the company’s profit.
The concept of marketing activities from the American Marketing Association, 2007: marketing – activities, a set of institutions and processes for creating, distributing and exchanging offers of companies that have value for end users. The American Marketing Association in its definition focuses on creating value for the consumer.
Another 11 best modern definitions of marketing:
– Marketing is a million and one things you do to help sell a product;
– Marketing is a business philosophy that puts customers at the center of a business strategy;
– Marketing is a movie in which the main character is the commodity;
– Marketing is the promotion of behavior that is economically beneficial for those who stimulate it;
– Marketing is the process of identifying, predicting and creating customer needs and desires and organizing all the resources of a company to satisfy them with a large total profit for the company and the consumer;
– Marketing is the right product on the right market;
– Marketing – everything that helps sales;
– Marketing is the solution to the problems of your customers for the benefit of yourself;
– Marketing – is your any action to gain or retain a client;
– Marketing is the implementation of actions aimed at achieving the goals of the organization by anticipating the needs of the buyer or customer and directing the flow of goods and services satisfying these needs from the manufacturer to the customer;
– Marketing is a management process that reveals, anticipates and satisfies customer requirements while respecting the principles of efficiency and profitability.
IMPORTANT:
All the definitions of marketing somehow affect the following essence of marketing: improving customer satisfaction, sales support, increasing company profits, finding and attracting new customers.
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