Marketing is defined as a "process that includes planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges for individual and organizational objectives". The Chartered Institute of Marketing provides a typical definition of marketing: "Marketing can be seen as the major factor in a company because it's what gets it recognized by the public." Marketing is a total system of business activity designed to plan, price, promote and distribute want-satisfying products and services to markets in order to achieve the objectives of the business.
Marketing is important to a business as it allows the business to know the needs and wants of customers. Changes in these needs and wants help managers predict future needs. By changing the business or the product to meet new needs and wants, a business can keep satisfying its customers with the right gods and services. Marketing is essentially about marshalling the resources of an organization so that they meet the changing needs of customers on whom the organization depends.
English: prof. Philip Kotler at Warsaw
English: A schematic illustrating the evolving rel...
"moo business cards"Without marketing a company would have no recognition, therefore any customers or profits, but this is not the only thing that can affect a business. Without marketing and money in a firm to begin with, there would be no firm. There would be no money to build premises for a firm, no building materials and no money to market their business/product.
The factors in any business also depend on firm's objectives. A firm must decide whether it is to go in the public of private sector and whether it is to be a nationalized firm, or a local business. A local business would have to deal with much competition, and try and get their firm as widely recognized as possible, and gain a good reputation in the type of...