Marketing definition

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Marketing definition

Marketing is a way of portraying the good side of what one has with a strong aim of making some form of profit. For instance, one can market his or her goods or services, produce from the farm or even the sales of an organization. In all of these, the biggest aim is to make a good difference between the buying price and the selling price, and in the case of a company, the aim is to make a difference between the costs of production and the selling outcome. Therefore, in marketing one can either get a profit or a loss, and the profit being when the situation is that the cost of production or buying being lower significantly from the selling price. In a loss, it is when the buying price or the cost of production is higher than the selling price and this could result from a number of factors and one being the nature of the market.

There is also the definition of marketing in the category of selling the name of the company or the person. In this regard, and as noted earlier in the first definition, selling is given a notion of portraying the good side of what one has, and in connection to this, selling of the company is when one portrays a name of a company in a light touch. Taking an example of a company that is in competition, when a good name exists in the market, there is a strong potential that the sales of the company would go up. Some companies excel simply because their names are good or there is favorable attribution of the company to some good things. For example, when there are good public relations in the market, then, the company gets a favorable attribution from potential customers of the company in a particular line of production.

The formal definition of marketing is an action of a business that is aimed at promoting something the company has. It is an activity or set of institutions as well as the processes that are aimed at creating, communicating, exchanging, offering and delivering some value for the clients, customers, society or the partners. In this definition, the touch is on creating some value on something to some identified groups, and connecting to our first definition, these people could be the customer existing or potential. This kind of marketing is done after an extensive research, which aims at identifying potential people who can buy one’s idea about something and essentially, win them to your favor and eventually get to use the products or the ideas. The person who gets to act in the position of marketing in this definition is the marketer or the promoter, and the biggest tendency is to put the organization or the person in a most favorable position regarded as of value.

Another definition, which almost concurs, with our first definition is that it is a kind of process of performing market research, to sell the products or services to some customer and promotion of some ideas or objects/products or services through various methods. Such methods are like advertising, displaying or putting some strategies that would attract the attention of potential buyers. For instance, if a company has some ware, it can put them in the media so that anyone can have a look at them and rate them as good or bad. The essence of doing this is to make the viewer have a favorable attribution to the product and at the end, buy or use it in some other constructive forms. We have put display as a form of promotion and using this, it is where goods are put somewhere for everybody to see.

According to American Marketing Association (AMA), this term came or developed from an original meaning, which tended to refer it as going to the market and buy something, and the difference between the selling price and the buying price on the side of the owner of the goods is the profit. Therefore, the earliest definition had the notion of getting profit as the sole aim of marketing, but this definition has been modified to include it as an activity. Therefore, the finest form of marketing is a set of processes that are interdependent and interconnected with some other functions on whose methods can be improved by use of relatively new approaches. Therefore, marketing is just not another activity that human beings conduct, but a well thought about process.

Another definition by the Chartered Institute of Marketing summarizes marketing as a kind of management process that is responsible for anticipating, identifying and satisfying the requirements of the customers but in a most profiting manner. Therefore, in this definition, we value marketing as a way of satisfying the customers, and this can only be done if there were prior research to determine the requirements by a particular customer. Marketing is not to be done haphazardly but in a manner that is well calculated; in all of this, the company must aim at getting something higher than the production expenditures. The company should not just approach marketing as form of satisfying the customer, but should aim at getting value from these customers whether in the short term or the long term. This approach or the concept is a value based marketing and here we include shareholders as part of the customer or the clients, and therefore value is also to be directed to them.


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