There are many sub sets of Marketing which form Marketing management as a whole. Hence, when you ask what is Marketing, then the following definitions should first be read to understand marketing. After the definitions, we also list the content of Marketing to understand what functions fall under the marketing domain.
The social definition of marketing is – marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products and services of value freely with others.
The managerial definition of Marketing presented by Peter drucker is – The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself.
Marketing has often been described as “the art of selling products.” But Peter Drucker, says that the aim of marketing is to make selling superfluous. Ideally, marketing should result in a customer who is ready to buy.
The American Marketing Association offers this definition of marketing – Marketing management 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 organizational goals.
If you want to read more about marketing management in depth, then you need to read this article, which discusses exactly what is Marketing? Here are the core functions of marketing
- Value creation
- Developing Marketing plans and strategies
- Brand building
- Incorporating sustainbility
- Surviving in a tough business environment.
Sometimes, the one thing which separates average start ups from excellent start up businesses is good marketing. When you understand your customers, and ensure that your brand is easily adaptable for the customer, then you receive equal love from the market and you succeed in the market. That is why marketing management is important to any firm.
Ultimately, there are many different subjects covered within marketing. Each of them have their own importance. And each of them, together, form the complete Marketing department. Branding might seem as a simple thing, but there are so many brand elements, that it becomes a strong subset of marketing. Same goes for promotions.
Hence you will find that a lot of media agencies and creative agencies have cropped up across the world. This is because nowadays, with an increase in business and competition, advertising and promotions are at the forefront for the differentiation of a brand from its competitors. Hence the important of marketing keeps on rising.