The below said is the Marketing Definition given by different Authors. We also tried to explain definition with suitable example and meaning of terms included in the definition.
Definition by AMA (American Marketing Association)
“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 at large. (Approved by American Marketing Association July 2013)”
Activity : Promotional activities (Advertising public Relations, sales promotion, direct marketing, Branding, publicity, personal selling, social media, etc.), Pricing, Distribution & other activities E.g. It is estimated that companies spend over $ 15000000000 annually on marketing to JUST KIDS
Set of Institutions: Any Organization, Foundation, Society, Community founded for a specific purpose such as hospital, culture, educational, public service, religion etc.
Processes: A series of actions or steps taken to achieve a particular end. (Customer Needs and Wants Marketing Strategy, Plan & Program Customer relationshipsCapturing a value from customer)
Exchanging : The act of giving something in return for something. The act of changing one thing for another thing.
Offerings (Marketing Offer) : “Something offered for e.g. product, service, idea etc.”, “Presenting something for acceptance or rejection”, “Some combination of products, services, information, ideas or experiences offered to a market to satisfy a need or want”.
Value : Benefits and costs to the customers, its combination of quality, service and price. It increases with quality and decreases with price.
Partners : Suppliers, Distributors, Shareholders, Stakeholders etc.
Definition by Philip Kotler
“Marketing is the process by which companies create value for customers & build strong customer relationships in order to capture value from customers in return”.
“Identifying & meeting human needs & social needs” or “Meeting needs profitably”
Definition by Chartered Institute of Marketing
“Marketing is the management process for identifying, anticipating & satisfying customer requirements profitably”. (Ref. Website of organization)
Definition (Social Perspective) (2.6)
“Marketing is societal process by which individuals & groups obtain what they need & want through creating offering & freely exchanging products & services of value with others.”
Definition (Marketing Management) by Philip Kotler (2.6)
“ MM is the art & science of choosing target markets & getting, keeping & growing customers through creating ‘delivering & communicating superior customer value.”
Examples of Good Marketing
Google, Facebook, YouTube – popular names in internet era
DELL Be direct,
IKEA furniture – Ikea knockdown furniture – good furniture at low price
Walmart Always low prices, always
PizzaHut “30 minutes or free’ Delivery promise
Flipkart The Online Megastore,
Big Bazaar Isse Sasta Aur Accha Kahin Nahi
JustDial Unique local search engine: By phone, web, mail, SMS, Highly scalable, Free etc.
Apple Technology innovation, Great value, act as a game change