Marketing is a concept that has developed and evolved through the years as the world’s economy and culture has changed. Marketing was initially developed as a tool for businesses to sell their products and services to consumers and eventually establish their place in the market. As time passed, marketing has developed into a more encompassing concept to help companies, organizations, and individuals promote their products and services in a cost effective manner to both grow their business and achieve their marketing goals. The purpose of this paper is to define marketing and draw together the various definitions that marketers use in today’s ever-changing world.
Marketing is a concept that is integrated with customer satisfaction. The marketing concept focuses on creating a product or service that addresses a customer’s unique needs or wants while meeting the marketer’s goals. Marketing therefore, focuses on the interactive process by which the customer meets the marketer and builds a relationship between the marketer and their customer. Marketing is not only a concept; it is a science that has been refined over the years with the aid of research, statistics, and market studies. Marketing therefore, involves the development of marketing strategies to gain new customers and to ensure that existing customers meet the needs of their brand.
One of the most important aspects of marketing is the identification of a product concept or market need, followed by developing a strategy to address these needs. Marketers develop and execute a variety of marketing techniques, including advertising, promotions, sales promotion, and public relations to address these needs and create new markets. Marketing also includes the development of new products and services, developing the distribution system, marketing research, and testing the marketability of a new product. While all these techniques help marketers achieve their marketing goals, there is one term that should be avoided at all costs: marketing myopia.