What is the full meaning of marketing?

Marketing goes beyond just advertising and selling. It’s the entire process of creating, communicating, delivering, and exchanging offerings that hold value for customers, clients, partners, and society at large (according to the American Marketing Association’s definition).

This comprehensive approach involves understanding customer needs, IMA developing products and services to meet those needs, and effectively communicating their value proposition. Marketing encompasses various activities like:

• Market research: Identifying target audiences and understanding their needs and preferences.
• Product development: Designing and creating products or services that cater to the market.
• Pricing strategy: Determining the optimal price for your offerings to ensure profitability and customer satisfaction.
• Distribution channels: Selecting the best ways to deliver your products or services to your target audience (e.g., online sales, brick-and-mortar stores).
• Promotional activities: Creating awareness and interest in your offerings through advertising, public relations, social media marketing, and other channels.
• Customer service: Building relationships with customers and ensuring their satisfaction after the sale.

Effective marketing considers the impact on all stakeholders, including the environment and social responsibility. By understanding the full meaning of marketing, businesses can create a holistic strategy to achieve sustainable success.