Marketing Defined

Marketing Defined 1

"Marketing Defined"

Ulanda Walton

Prepared for Professor Jerome Christia

Marketing BUSN319

November 4, 2007

Marketing Defined 2

Marketing Defined

Over the years, the term "marketing" has been defined, described and redefined in a variety of different ways. Mistaken by many as product advertisement or selling, marketing in itself is bigger than either of these components in successfully capturing and retaining consumer business. Marketing involves and is affected by all members of the primary organization, its stakeholders, suppliers, outside organizations and consumers alike. It is also influenced by social, economic, technological, competitive and regulatory environmental forces which play an important role in developing the organization's marketing plan.

So, what exactly is marketing? "Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of goods, ideas, and services to create exchanges that satisfy individual and organizational goals"

(http://findarticles.com/p/articles/mi_m0LSH/is_3_8/ai_n13254488/). This is the first official definition adopted in 1935 by the National Association of Marketing Teachers, a predecessor of the American Marketing Association (AMA). Due to rapid industrial and technological changes, the AMA adopted and released the following revised definition of the term back in 1985: "Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders" (http://www.marketingpower.com/content21257.php). It is believed that the latter definition better addresses core operating principles for an organization, places much needed emphasis on the integration of shared goals throughout an organization,

Marketing Defined 3

assists in creating value and vision for an organization, and helps to manage lifetime customer relationships in ways that will be beneficial to all parties involved. Keeping in mind that this is only one well-crafted definition of the word, other marketing associations throughout the world have also given insight to the term. For example, the World Marketing Association (WMA) states "Marketing is the core business philosophy which directs the processes of identifying and fulfilling the needs of individuals and organizations through exchanges which create superior value for all parties" (http://www.marketingprofs.com/). The United Kingdom's Chartered Institute of Marketing (CIMU) expresses the term as being "the management process for identifying, anticipating and satisfying customer requirements profitably" (http://www.marketingprofs.com/). Similar to the initial definition given, one popular marketing textbook gives this definition: "Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives"

(Contemporary Marketing Wired (1998) Boone and Kurtz. Dryden Press;

http://iws.ohiolink.edu/moti/homedefinition.html).

In addition to the various associations mentioned above, other individuals have contributed to the definition of