This article focuses on various definitions of Marketing and their meaning, explanation and examples. We have tried to provide all authentic definitions of Marketing, Marketing Management and other definitions such as social definition of Marketing etc. Recently, in July 2013, American Marketing Association has updated definition of Marketing and included social aspects.
Definition by AMA July 2013, by AMA (Ref: AMA website)
“Marketing is the activity, set of institutions & processes for creating, communicating, delivering & exchanging offerings that have value for customers, clients, partners & society.”
Explanation of the definition…
Activity Promotional activities (Advertising public Relations, sales promotion, direct marketing, Branding, publicity, personal seling, 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 Something offered for e.g. product, service, idea etc., Presenting something for acceptance or rejection
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.
We can explain this definition with the help of Various Marketing Activities/components i.e. 4 P’s of Marketing Mix, 4C’s and Value.
|4 P’s (Activities) Marketer||4 C’s (Consumer)||Value|
Definition by 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 (Website of organization)
“Marketing is the management process for identifying, anticipating & satisfying customer requirements profitably”.
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 -:
Flipkart, Ebay, Amazon, snapdeal, Homeshop 18 etc.
IKEA furniture – lke knockdown furniture – good furniture at law price.
DELL – Be direct – online store
Walmmrt – Always low prices, always
Big Bazaar – isse sasta our acha kahin nahi
Google, facebook, youtube – poular names in internet era.
Justdial – unique local search engine – available on phone, web, mail, sms Highly scalabe, customer satisfaction, technology, free service.
PizzaHut “ 30 minutes or free’ Delivery service promise.
Apple – technology innovation. Great value, act as a game changer.