Marketing
Marketing is a vital functional area of a business organization. The success of a business organization largely, depends on the performance of marketing department . Marketing is instrumental to create demand for the firm’s products.
A part from creating demand, effective marketing generates customer satisfaction, enhances corporate image, enables the firm to gain competitive advantage, maintains customer relationship , develops brand image, enhances brand equity, sustains brand loyality, facilitates business expansion, and so on.
Definitions
Marketing management as the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value.
Charted institute of Marketing (UK) defines ” Marketing is the management process of identifying, anticipating, and satisfying customer requirements profitably.“
In 2004 , American Marketing Association defined ” Marketing is an organizational function and set of process for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.”
In 2008 American marketing association gave a broader definition of Marketing as follows : ” Marketing is 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.”