There is no single universal definition of Marketing. There are, in fact, many of them when you try to search it on the internet or marketing textbooks. Marketing definition is a functional application of marketing and all marketing theories and strategies stem from the fundamental meaning of the definition in their own context. After all, Marketing is a living discipline that has 1001 variations/variables for different business, process, sales, environmental context. Therefore, no single definition can soundly encompass all these different variations in different context of the marketing problem.
However, as we toil through countless definitions of the magic word 'Marketing', we can find commonalities in what the definitions are talking about. The 2 most common themes of 'marketing' definition are:
The first theme revolves around understanding and meeting consumer's needs. The definitions are:
'The management process identifying, anticipating and satisfying customer requirements profitably' - Chartered Institute Marketing (CIM) (2005)
'Marketing is the social process by which individuals and groups obtain what they need and wants through creating and exchanging products and value with others' - Dr. Philip Kotler
The 2nd theme revolves around an all-encompassing definition of making customer satisfaction of their needs in a more holistic way which is the focal point of all the business activities driven by the entire organization. The definitions are:
'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' - American Marketing Associations (AMA) (2007)
'Marketing is not only much broader than selling, it is not a specialized activity at all. It encompasses the entire business. It is the whole business seen from the point of view of the final result, that is, from the customer's point of view. Concern and responsibilities for marketer must therefore permeate all areas of the enterprise' - Peter Drucker
My thoughts
All the definitions mentioned above resonates around the same points: organizational involvement, meeting customer's wants and needs, as well as meeting organizational goal. This is coherent with any business organizations where the main element consists of 3 important stakeholders: customers, staffs and shareholders, and that all the stakeholders must be satisfied.
However, i believe that most marketing definitions lack one vital aspect: the importance of having a sustainable business model by having continual profits. Customer satisfaction is not the main purpose of marketing. The purpose of marketing is to ensure the long term survival of business by the means of having sustainable, profitable revenue BY the satisfaction of the customers.
If i were to be asked to coin my own understanding of my marketing definition, it will go something like this:
'Marketing is an all-encompassing process which requires active participation from all stakeholders. The organization hierarchy must work closely with each other to identify needs, create products, communicate to audience, generate interest and elicit action to satisfy the customer's needs and wants in order to ensure long-term sustainability of the business profitably' - Ryan Lee
