Marketing Concept

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The definition of marketing varies from organization to organization. The Chartered Institute of Marketing (CIM) defined marketing as the "management process responsible for identifying, anticipating, and satisfying customer requirements profitably." This is a very broad definition of marketing.


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), "marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals." Like the CIM, AMA also recognizes that main purpose of marketing which is to satisfy customers. However, it clearly elaborated that customers can be grouped into individuals and organizations. Thus, it indicates its deeper understanding that companies should market to individuals and organizations differently. Compared to the definition of CIM, AMA defines the functional aspect of marketing. The definition highlights the components of the marketing mix-product, promotion, price, and place. ...
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