Explain alternative marketing definition - What is marketing?

There are many definitions of marketing. The better definitions are focused upon customer orientation and satisfaction of customer needs. The two most common definitions of marketing are offered by the Chartered institute of Marketing (CIM – UK) and the American Marketing Association (AMA) are;

The Chartered Institute of Marketing (CIM) Definition

Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably.

Key terms in CIM Definition

Management process – Marketing is an important function that requires customer focus from all levels of management.

Management’s role in allocating resources and investment requires analysis, planning and control.

Identifies – Successful marketing requires identification of customer needs through market research.

Anticipates – It is important to know in advance, what customers require, when, why, where and how they require goods and services. Thus through close monitoring of the market new products may be developed or existing products modified to meet the future needs of the market.

Satisfaction – Market information through research is vital to the successful production of goods and the delivery of services that satisfy customer requirement.

Satisfaction in the long term requires Customer Relationship Management (CRM) and the provision of maximum utility over the period of use and support through after-sales service.

Profitably – The organization must ensure profitability as this is required for sustainability, continuity and growth of the business. Profits provide incentive to shareholders and financiers as well as to the entrepreneur to continue in that line of business.