There are various definitions of marketing. One of the common definitions is given by Philip Kotler, a marketing professor. According to Kotler, marketing is a system of business activities designed to plan, price, promote and distribute want satisfying goods and services to target markets, in order to achieve organizational objectives.
The American Marketing Association (AMA), defines marketing, as approved in 2007, 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.”
Marketing is the business function that delivers customer satisfaction at a profit. It creates values for the customers and receives values from the customers in return. Marketing focuses on getting customers, and keeping customers by satisfying their needs. Marketing creates values and satisfaction for the customer. It is the delivery of satisfaction to the customers at a profit.
Marketing as defined above is applicable in all these areas:
- In the profit-making enterprises
- In the government institutions
- In other not-for-profit organizations