WHAT IS MARKETING?

A simple definition of marketing is managing profitable customer relationships.

Marketing must both attract new customers and grow the current customers.

Every organization must perform marketing functions, not just for-profit companies.

Non-profits (colleges, hospitals, churches, etc.) also must perform marketing.

Marketing Defined

Most people think of marketing as selling and/or advertising—“telling and selling.”

Selling and advertising are only part of a larger marketing mix—a set of marketing tools that work together to satisfy customer needs and build customer relationships.

We define marketing as the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

The Marketing Process

The above figure shows the five-step marketing process.

1. Understand the marketplace and customer needs and wants.

2. Design a customer-driven marketing strategy.

3. Construct a marketing program that delivers superior value.

4. Build profitable relationships and create customer delight.

5. Capture value from customers to create profits and customer quality.

Then, if you want to know more about the concept of marketing, you can watch the following video: