One of the most accepted definitions of marketing - from the American Marketing Association: "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".
Another definition of marketing by Philip Kotler is “satisfying needs and wants through an exchange process”. As time passes, marketing changes and its definition is also subjected to corrections. A decade later Philip Kotler defined marketing as “a social and managerial process by which individuals and groups obtain what they want and need through creating, offering and exchanging products of value with others.”
In the past marketing was categorized into the creative industry, which included advertising, distribution and selling. However, marketing uses social sciences, psychology, sociology, mathematics, economics, anthropology and neuroscience, this makes marketing, undoubtedly, a science. Nevertheless, marketing has a lot of creative aspects to it such as product design, brand management, advertising, copywriting, the list goes on.
The basis of marketing – is bringing a product to the market. and this includes several steps: broad market research; market targeting and market segmentation; determining distribution, pricing and promotion strategies; developing a communications strategy; budgeting; and visioning long-term market development goals and we are just getting started, but for purposes of convenience, will examine in later articles.
The concept of marketing is to anticipate the needs of potential consumers and satisfy them in a way which is more effective than its competitors. This concept originated from the famous book The Wealth of Nations by Adam Smith, but it became widely used only after 200 years. One must understand the following concepts to meet consumers’ needs and wants:
There are many things to say about marketing which cannot be covered in one article. Overall, marketing is an essential set of actions and principles which are paramount in the creation of a value proposition (product/service). Read our articles, and start creating value today.
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