Chapter 1.1: Marketing Definition

MARKETING : Creating and Capturing Value

Objective 1: Definition of marketing and steps in marketing process

Marketing (simple definition) – managing valuable customer relationships.

Two Goals of Marketing: 

1. attract new customers by greater value
2. maintain and expand current customers by providing satisfaction.

Nowadays marketing includes not only “telling and selling”, but also fulfilling customer needs. Marketing mix includes tools that are combined to satisfy consumers’ needs and manager relationships with customers.

Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.