Marketing is a set of activities used to identify people’s needs and produce products or services to satisfy them.
You must identify your target market segments and offer quality products and services.
- According to the American Marketing Association (AMA) Board of Directors:
“Marketing is 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.”
- According to Dr. Philip Kotler:
“The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.
Marketing identifies unfulfilled needs and desires. It defines, measures, and quantifies the size of the identified market and the profit potential.
It pinpoints which segments the company can serve best and designs and promotes the appropriate products and services”. But you need to know about the market mix and its process.