Defining Marketing Paper - Essay Example

However, with the little background that I gained, I have learned that marketing encompasses a wide array of activities aside from selling products and services. In fact, marketing is a lot more complicated than it seems. It starts at determining the needs of customers and creating a product together with the proper strategies to bring it to them. Now, my definition of marketing is the satisfaction of customer needs through the provision of products and services at a profit. The definition of marketing varies from organization to organization.

The Chartered Institute of Marketing (CIM 2007) defined marketing as the “management process responsible for identifying, anticipating, and satisfying customer requirements profitably.” This is a very broad definition of marketing. It highlights three important aspects that marketing accomplishes. First, it recognizes the purpose of business organizations to design products which satisfy customer requirements. Marketing does not just involve offering any goods and services but business organizations should strive to offer those which offer customer value.

Second, it stresses the aim of business organizations to generate profit from its operations. Thus, the definition of CIM involves assessing the marketing strategy which will be mutually beneficial for customers and companies. Business organizations as this definition implies are profit maximizing entities. Lastly, this definition highlight that marketing is not just about providing the current needs by “anticipating” the future requirements of the markets. In summary, the CIM’s definition of marketing balances the satisfaction of customer and profit maximizing goal of business organizations.

According to the American Marketing Association (AMA 2007), “marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to