There are two key definitions of marketing, the first is from the Chartered Institute of Marketing (UK) and the second from the American Marketing Association. They are:
- The management process responsible for identifying, anticipating and satisfying customer requirements profitably. CIM
- 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. AMA
I would argue that the AMA version is more precise as it covers the whole gambit of marketing. Marketing is not limited to organisations that are out to make a profit. There is a whole sector focused on the social aspect that is more interested in the individuals well being.
Here is a short video to explain my thoughts about Marketing.
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