Defining Marketing

Defining Marketing

According the Wikipedia free encyclopedia (2007), the AMA defines marketing to read:

Ў§Marketing 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.ЎЁ Marketing is analysis, and a sound marketing strategy is based on the analysis of customers. Having a solid understanding of customersЎ¦ means having a solid understanding about how customers behave their motivations, their perceptions, and preferences. It means segmenting the market correctly. Marketing is also about understanding competition thinking about the competitorsЎ¦ reactions, their objectives, and capabilities, in addition to understanding competitive forces in an industry. (What is Marketing?, 2002)

There are four elements of marketing, which E. Jerome McCarthy divided. The elements are referred to as the marketing mix and or the Four Ps. The four Ps are:

„X Product: The product management and product marketing aspects of marketing deal with the specifications of the actual good or service, and how it relates to