There are different schools of thoughts when it comes to defining marketing. Northwestern University professor Philip Kotler defines marketing as “managing profitable customer relationships”. He believes that marketing is an essential part of the business and sees the influence not only by price but also by advertisement, sales promotions, etc. Professor Drew Boyd, of the University of Cincinnati, defines marketing as the method of changing beliefs and thoughts in the minds of customers. On the other hand, in their definition of marketing, the American Marketing Association 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.” (Ref. ama.org website)
From these different definitions, one may understand that the main goal of marketing is to attract new customers by ensuring excellent value. Moreover, good marketers would maintain their customers by achieving customer satisfaction. This explains why highly competitive companies advertise their most prominent features. For example, Walmart slogan states: “Save Money. Live Better.” (Ref. denverpost website) And when one compares Walmart’s prices against other retail corporations, one would realize that money can, in fact, be saved. I believe that marketing is the act of raising the customer’s awareness, or perhaps to bring to the customer’s attention, that the marketer’s product or service would significantly improve and change my living conditions. That can present itself in making the customer’s life happier, healthier, easier, or more productive and enjoyable.