Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges that satisfy individual and organizational objectives. This definition relates to two primary goals of marketing: (a) discovering the needs of consumers and (b) satisfying them.
Because an organization doesn't have the resources to satisfy the needs of all consumers, it selects a target market of potential customers - a subset of the entire market - on which to focus its marketing program.
Four elements in a marketing program designed to satisfy customer needs are product, price, promotion, and place. These elements are called the marketing mix, the four Ps, or the controllable variables because they are under the general control of the marketing department.
Environmental factors, also called uncontrollable variables, are largely beyond the organization's control. These include social, technological, economic, competitive, and regulatory forces.
Building on customer value and relationship marketing concepts, successful firms develop mutually beneficial long-term relationships with their customers.
In marketing terms, U.S. business history is divided into four periods: the production era, the sales era, the marketing concept era, and the current market orientation era.
Marketing managers must balance consumer, organizational, and societal interests. This involves issues of ethics and social responsibility.
Profit-making and nonprofit organizations perform marketing activities. They market goods, services, and ideas that benefit consumers, organizations, and countries. Marketing creates utilities that give benefits, or customer value, to users.
