From a societal point of view, marketing is the link between a society’s material requirements and its economic patterns of response. Marketing satisfies these needs through exchange processes and building long-term relationships.
Marketing can be looked at as an organizational function and as a set of processes for creating, delivering and communicating value to customers, and managing customer relationships in ways that benefit the organization and its shareholders. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer buying behavior and providing superior customer value.
The set of engagements necessary for successful marketing management include:
Noted Harvard Professor of Business Theodore Levitt states that the purpose of all business is to “find and keep customers”. The only way you can achieve this objective is to create a competitive advantage. That is, you must convince potential buyers that what you have to offer them comes closest to meeting their particular need.
Every organization has a set of functional areas (e.g. purchasing, manufacturing, finance, human resources, marketing, etc.) in which tasks that are necessary for the success of the organization are performed. These functional areas must be managed if they are to achieve maximum performance. Marketing differs from the other functional areas in that its primary concern is with exchanges that take place in markets outside the organization (e.g. customers, competitors, public relations, transport, etc).