1 marketing is the process by which companies create

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1 Marketingis the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. (Principles of Marketing, 16e, Kotler and Armstrong, 2016) Marketing: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 Management 15e, Kotler and Keller, 2016) Marketing Management is the art and science of choosing target markets and building profitable relationships with them. (Principles of Marketing, 16e, Kotler and Armstrong, 2016) The aim of Marketingis to know and understand the customer so well that the product or service fits him (her/it) and sells itself. (Peter F. Drucker)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.The previous definition: Marketingis an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. The American Marketing Association (established in 1937 by visionaries in marketing and academia) unveiled their definition used as the official definition in books, by marketing professionals and taught in universities. The American Marketing Association revisits the definition for marketing every five years in a disciplined effort to reflect on the state of the marketing field. This process, as laid out in the Association's bylaws, is guided by a committee whose members represent a cross-section of the marketing industry; the committee was formed in late 2006, under the leadership of Donald R. Lehmann, the George E. Warren Professor of Business at Columbia Business School in New York. (; ) The Marketing Conceptis a philosophy. It makes the customer, and the satisfaction of his or her needs, the focal point of all business activities. It is driven by senior managers who are passionate about delighting their customers. Marketing is not only much broader than selling; it is not a specialized activity at all. It encompasses the entire business. It is the whole business seen from the point of view of the final result, that is, from the customer's point of view. Concern and responsibility for marketing must therefore permeate all areas of the enterprise.(Peter F. Drucker) Marketingis a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others.

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