The Concept of Marketing and Its Application

1258 Words Jan 15th, 2018 5 Pages
There is on singular definition of marketing, to determine a personal definition, a reviewed of some existing approaches may be assessed. The American Marketing Association (AMA) defines marketing as "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, 2007). The AMA definition indicates the broad range of tasks that are included within the marketing functions, creating value for the firm, focusing on the way there is a communication between the firm and the external stakeholders of the firms to supper sales. Andrew Cohen (2007) provides a much simpler definition, but one that is even broader, stating that marketing is "to find out what your customers want and then give it to them" (Cohen, 2007). This indicates the important role marketing can play in a proactive manner to support the strategy and even play a role in determining the firms' strategy. Examining these statements and looking to existing knowledge of marketing, a personal definition of marketing can be developed. Marketing may be defined as the function a firm where the understanding of the consumers wants need or desired may be used to assess the way a firm may deliver the…
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