What is marketing? I thought marketing is the exchange of goods for an agreed sum of money.

However The Principles of Marketing text book defines Marketing as an activity, set of institutions
and processes for creating, communicating, delivering and exchanging offerings that have value
for customers, clients, partners and society at large.

There are few other sources that defines marketing, for example AMA (American Marketing
Association) contains three definitions that updates in time; in 1935 Marketing was defined as the
performance of business activities that direct the flow of goods and services from producers to
consumers. In 1985 the Marketing definition was updated as the process of planning and executing
the conception, pricing, promotion, and distribution of ideas, goods, and services to create
exchange that satisfy individual and organisational objectives. The definition was updated again in
2004 to Marketing is an organisational function and a set of processes for creating,
communicating and delivering value to customers and for managing customer relationships in a
way that benefit the organisation.

Another source Marketing: a complete guide, defines marketing is an attitude of mind concerning
customer satisfaction rather than a set of techniques simply to ‘sell’ product or services.

All the definitions listed above contain some similarities and differences. I.e. customer satisfaction is
one of the similarities that are displayed on all the definitions. The only difference that displays is
that each definition changes in time, these changes occur mainly due to rapid globalisation, change
in world economy, growth of not for profit marketing, customer information and digital marketing.
For example the AMA has introduced three definitions of marketing according to its appropriate
timeline.

The definition that I think best reflects the concept of marketing in today’s environment is the
definition used in Principles of Marketing text book by Kotler, Adam, Denize, and Armstrong,
Marketing is an activity, set of institutions and processes for creating, communicating, delivering
and exchanging offerings that have value for customers, clients, partners and society at large. I
think this definition feels right for the time because