Mkt 412 Week 1 Define Marketing

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Defining Marketing Paper

MKT/421

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The “Meriam Webster Dictionary” (n.d.) defines Marketing as: a : the act or process of selling or purchasing in a market; b : the process or technique of promoting, selling, and distributing a product or service; c : an aggregate of functions involved in moving goods from producer to consumer. The “Business Dictionary” (n.d.) defines it as the management process through which goods and services move from concept to the customer. As a practice, it consists in coordination of four elements called 4P's: (1) identification, selection, and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy. It also says that as a philosophy, marketing is based on thinking about the business in terms of customer needs and their satisfaction. Marketing differs from selling because (in the words of Harvard Business School's emeritus professor of marketing Theodore C. Levitt) "Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. And it does not, as marketing invariably does, view the entire business process as consisting of a tightly integrated effort to discover, create, arouse, and satisfy customer needs ("Business Dictionary.com", n.d.)."

As approved by the American Marketing Association Board of Directors (2007), Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (Approved October 2007).

My personal definition of marketing is the art of selling a vision or a need to a particular population group, with a strategy price and value, at...
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