1.1: Defining Marketing
The American Marketing Association (AMA) defines marketing as "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."
The renowned marketing scholar Philip Kotler defines marketing as "the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit."
Management consultant and educator Peter Drucker views marketing as "the whole business seen from the customer's point of view."
Regis McKenna, a Silicon Valley marketing expert, defines marketing as "everything you do after you have a product."
Collectively, these definitions emphasize that marketing is not limited to selling products or services. It is a strategic process that involves understanding customer needs, creating value, communicating effectively, and delivering solutions that satisfy consumers and businesses.
In essence, marketing is a vital business function that bridges the gap between a company's products or services and its customers. It is both an art and a science, requiring creativity, strategic thinking, and analytical skills. Businesses can effectively leverage marketing to enhance their visibility, build strong customer relationships, and drive growth and profitability.
