Marketing

Marketing Definition:
"A social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others".(Kotler and Armstrong, 2003)

Understanding, creating, communicating and delivering customer value and satisfaction are at the very heart of modern marketing thinking and practice.

The simplest definition of marketing is- the delivery of customer satisfaction at a profit.

To understand the definition it is important to understand the terms: 
- Need, want, demand; 
- Products and service; 
- Value, satisfaction and quality; 
- Exchange, transactions and relationships; and 
- Market.
these are also called 'Core Marketing Concepts'.

                 Figure : Core marketing concepts (Kotler & Armstrong, 2003, p-6)