Perhaps the simplest definition of marketing is: “managing profitable customer relationships”. The two-fold goal of marketing is to attract new customers by promising superior value and keep and grow current customers by continuously delivering satisfaction.
Many people think of marketing as only selling and advertising. Every day, we are bombarded with TV commercials, catalogues, e-mails and cold calls on our mobile devices. However, selling and advertising are only the tip of the marketing iceberg.
Today, marketing must be understood not in the old sense of making a sale – ‘telling and selling’ – but in the new sense of satisfying customer needs. If the marketer understands consumer needs; develops products that provide superior customer value; and prices, distributes, and promotes them effectively, these products will sell easily.
We define marketing as the process by which businesses create value for consumers and build strong customer relationships to capture value from customers in return.