Marketing term appeared firstly in United State in the early 20th century and then spread to Europe and Asia. In the meantime, there are many definitions of Marketing given by leading organisations and experts in the fields of economy such as: Kotler, CIM, AMA…
- Definition of Chartered Institute of Marketing (CIM):
“Marketing is the management process responsible for identifying , anticipating and satisfying customer requirements profitably”.
- Definition of Philip Kotler:
“Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others”.
- Definition of American Marketing Association (AMA):
“Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organization goals”.
All three definitions mention specifics of marketing and give an a concept about marketing today. One important thing three definitions mention is that marketing help companies closer with thei customers and help them make profit. Product which have a large number of buyers demonstrate the competitiveness of that product on the market is high and proportional to the profits of manufacturers. It mean that company’s marketing strategy is successful. All definitions imply that satisfying customer is the purpose of marketing. However, each of them has different point.
CIM focus on management process of marketing and imply that customers are at the heart of marketing. For CIM, learning about marketing means learn how to make a right product and service to the customer at the right price, in the right time and at the right place. Companies must understand the markets in which they intend to put their products on sale in order to have proper marketing strategy. Without proper marketing, companies cannot get...
Please join StudyMode to read the full document