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There are different definitions of marketing: almost every author of a marketing book puts forward their own theory of the essence and concept of marketing and comes up with their own unique definition. You can use any definition of marketing by a well-known author that 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 a favourable exchange takes place 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 an existing need and the seller maximises their income. In this article, you will find various definitions of marketing by different authors, including Kotler’s definition.
The mystery of marketing is that it is one of the oldest human activities and yet is considered the youngest business discipline.
Baker (1976).
The concept of marketing from Kotler and Armstrong, 2010 (also called Kotler’s definition of marketing or the classic definition of marketing) defines “marketing” as a social process through which companies and individuals exchange value created to meet their needs. That is, companies create value for consumers (in the form of a product or service) and build strong relationships with them in order to receive value from them in return (money).
Kotler’s definition of marketing is based on the exchange process and recognises the importance of the product’s “value” 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.
This definition of marketing covers not only the process of “determining what the consumer wants” but also short-term processes such as “satisfaction”, and it has a long-term perspective: “forecasting future needs”. The definition also highlights the importance of the marketing process itself, defining its goals and result – the company’s profit.
The concept of marketing activities from the American Marketing Association, 2007: marketing is the activity, set of institutions and processes for creating, distributing and exchanging company offerings that have value for end users. In its definition, the American Marketing Association focuses on creating value for the consumer.
Eleven more of the 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 centre of business strategy;
– Marketing is a film in which the product is the main character;
– Marketing is the promotion of behaviour that is economically beneficial to those who encourage it;
– Marketing is the process of identifying, predicting and creating customer needs and desires and organising all of a company’s resources to satisfy them with the greatest overall benefit for both the company and the consumer;
– Marketing is the right product in the right market;
– Marketing is everything that helps sales;
– Marketing is solving your customers’ problems to your own benefit;
– Marketing is any action you take to gain or retain a client;
– Marketing is the implementation of actions aimed at achieving the organisation’s goals by anticipating the needs of the buyer or customer and directing the flow of goods and services that satisfy those needs from the manufacturer to the customer;
– Marketing is a management process that identifies, anticipates and satisfies customer requirements while observing 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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