10-Jan-2012: DEFINITIONS OF MARKETING:
The Shortest Definition of Marketing Management:
The shortest definition of Marketing Management is “Meeting Needs
Profitably”.
Whose Needs? - The needs of the people, or the customers or consumers,
Who is trying to meet? - The Producer, Marketer or the Company,
What is the Objective? - With profit to the company, & satisfaction
to the customers.
The American Marketing Association (AMA) Definition:
Marketing is an organisational function and a set of processes for
creating, communicating & delivering value to customers and for managing
customer relationships in ways that benefit the organisation & its stake
holders.
Philip Kotler’s Definition of Marketing Management:
Marketing Management is the art & science of choosing target markets
and getting, keeping and growing customers thro’ creating, communicating &
delivering superior customer value.
The Social Definition of Marketing:
Marketing is a social process by which individuals & groups obtain
what they need, and want thro’ creating, offering & freely exchanging
products & services of value with others.
The Managerial Definition of Marketing:
It’s simply “The art of selling products”.
Peter Drucker’s view on Marketing Management:
The aim of marketing is to make “selling” superfluous. It’s to know &
understand the customer so well that the product or service fits him and sells
itself. Ideally, marketing should result in a customer who is ready to buy. All
that should be needed then is to make the product or service available.
[Source : Marketing Management By Philip Kotler & Kevin Lane Keller –
12e.]
