Definition of Marketing
The concept of marketing defies simplistic definition due to the complexities of the concept and the variety of marketing applications that exist. Explore the technical definition of marketing, and discover how the definition expands to include the overall impression marketing creates to the layperson.
The definition of marketing, directly taken from the American Marketing Association's dictionary, 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." Marketing is one of the primary concepts used in business, since it identifies the customer and aims to keep the customer for the business. Marketing also aims to attract customers in the first place.
Marketing as a concept
Marketing "concepts" are part of an overall business model. The business identifies sectors of consumers to target and also performs overall customer retention functions. Marketing as a concept fulfills organizational objectives that can differ from company to company, depending on their goods, goals and services provided. Some define marketing as a way to curate profit for a company. Putting a qualifier like "must earn profit" on the concept illustrates the amount of different conceptual definitions one may encounter when exploring the term "marketing."
Marketing is a broad and inclusive term. Examining the official definition of marketing and comparing it to the concept of marketing in business helps shape a useful, comprehensive overall picture.