What exactly is marketing? You'l... from terqishi's blog

You must understand what marketing is, how it works, Vincent LEUNG it, and what to market as a marketer.

What exactly is marketing?

Marketing is concerned with identifying and satisfying human and social needs. "The profitable satisfaction of a need" is the most succinct definition of marketing.

When Google realized that people needed faster and more efficient access to information on the Internet, it built a powerful search engine capable of organizing and prioritizing queries. IKEA introduced removable furniture after discovering that people wanted good furniture at a reasonable price. These two businesses are excellent examples of marketing techniques that have successfully converted private or social needs into profitable business opportunities.

The American Marketing Association (AMA) provides the following formal definitions: Marketing is an activity, system, and process that involves developing, disseminating, delivering, and exchanging marketable supplies that are valuable to customers, clients, collaborators, and society as a whole.

Responding to these exchange processes necessitates a significant amount of effort and skill. When at least one party to a potential exchange begins to consider how to elicit the desired response from the other parties, marketing management emerges. As a result, we define marketing management (marketing management) as the art and science of identifying target markets and acquiring, retaining, and expanding customers through the creation, delivery, and communication of superior customer value.

We can distinguish between a social and a managerial definition of marketing. The social definition expresses marketing's role in society. For example, a marketer once said that the mission of marketing is to "communicate a higher standard of living". For our purposes, the social definition is as follows: Marketing is a social process in which individuals and groups obtain what they require and desire by creating, delivering, and freely exchanging valuable goods and services with others. The co-creation of value by consumers and businesses, as well as the importance of value creation and sharing, have emerged as key themes in the evolution of modern marketing thinking.

Managers frequently consider marketing to be the "art of selling products," but many are surprised to learn that sales are not the most important aspect of marketing. The sales process is only the tip of the marketing iceberg. According to Peter Drucker, a leading management theorist, "We can assume that sales are always in demand. Marketing's goal is to make sales obsolete. Marketing's goal is to get to know and understand the customer well enough to make the product fit the customer and sell itself. Marketing should ideally make the customer want to buy. The next step is to provide adequate goods and services."