72 Marketing Definitions
Marketing is the art of consciously stimulating consumer demand for particular products and services; possibly including wide range of a target market; and evaluation of various factors or characteristics that are of import to the consumer. Marketing is a critical element in business, since it enables companies to differentiate their products from those of their competitors and thus increase their overall profit margin. While it is difficult to quantify marketing accurately and in a timely manner, marketing does have some basic principles and components that most companies follow.
The foundation of any marketing activity is the identification of a problem or need, followed by the creation of a solution. Marketing professionals are very aware of the fact that people do not possess the same perception or attitude regarding all types of products, services and commodities. Hence, marketers must be able to tailor their communications according to the core issues and interests of the target market. Similarly, marketing must always aim at improving the quality and/or quantity of the product or service while simultaneously promoting the brand or reputation of the company. It is a proven fact that the best marketing definition defines marketing as “the process by which goods are developed to be perceived as desirable by the buyer.”
Marketing is an integral part of any organization and it is often described as the “backbone” of any business, because it is essentially what drives business. Therefore, the success of any marketing program depends on the ability of the firm to devise and execute programs that effectively promote and track the firm’s core objectives. A strong marketing department helps to realize business objectives by creating a profitable growth in the firm’s revenue stream through a coordinated and focused effort across all business units.