The Definition of Marketing

marketing-matrixThe American Marketing Association defines marketing as “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.” Marketing is a technique that has been around since the early 1900s. It originally began with the rise of capitalism, spurred by the influxes of market supply and demand.

Marketing has evolved in many different ways. Scholars from several major universities began to examine how marketing could both benefit the buyers and sellers. Marketers researched the needs of the consumers and then developed products and services to accommodate them. This is now known as Marketing Concept. Researchers have discovered they must get to know their customers and develop a product in which consumers will purchase.         

Marketing used to implementing the four P’s - product, promotion, place and price. This model has recently become more complex than just these ideas, as consumers and our economy becomes savvier.  It is now based on creating, communicating, delivering, and exchanging products based on the customer’s value.  Over the course of time, the way marketing has been viewed has changed from being a production and selling based era to more of a value and service based era.  People are now thinking in terms of “Was that product/service worth the money spent on it?”

As for the future, businesses will need to be willing to accept change and hire personnel with a wide variety of skills necessary to accommodate the needs of today's every-changing world. A good marketer must be a market planner, a writer in several media, a public relations expert, knowledgeable about advertising and social media and even sometimes has to serve as an effective manager. Once a business obtains an efficient marketing department with the correct staffing, achievable short and long-term goals and adequate funding, the rest of the business should fall into place.

 


About the Author: This article was written by Rasmussen College - Fort Myers, FL student Roxann James. 

References:

History of marketing. (2011). History of marketing. Retrieved October 5, 2011, from KnowThis LLC website: http://www.knowthis.com/‌principles-of-marketing-tutorials/‌what-is-marketing/‌history-of-marketing/

Marcus, B. W., & Taylor, S. T. (2011, August). Building a firm for now and the future. Of Counsel, 30(8), 12-17. Retrieved from Academic Search Complete database. (64373465)

Tanner, J., & Raymond, M. A. (2010). What is marketing. In Principles of marketing (p. 1). Retrieved from http://www.flatworldknowledge.com/‌pub/‌principles-marketing-rasmussen/‌66424#pdf-1

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