The definition of MARKETING!

So, whenever you think about MARKETING, what comes to your mind?

Whatever it is, it is more or less how you would describe it. It's your definition.

And this is the most basic question someone can ask about your field. So, how exactly you would define it?

If somebody asks me in an interview, what is MARKETING, I would say:

According to the American Marketing Association Board of Directors, MARKETING  is 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. (Approved October 2007)

This is the 'CCDV' definiton. Creating, Communicating, Delivering Value!

Marketing can also be defined with much cliched statement- meeeting needs profitably.

What I believe is MARKETING can be defined differently, according to the condition of the market.

(source: A.T. Kearney)

MARKETING can be defined as a Manager, a Supporter, an Analyst or a Strategist depending upon the growth and challenge.

NPL - Growth is high and low challenge. When a company launches a new product for which there is no market. Example: Time of launch of Mobile Phones or a new medicine.

Transition - When the competition is high but still there is growth. Market isn't saturated. Example: Insurance sector in India.

Dead end - A innovative product fails to find a market. Example: Cosmopolitan Yoghurt! Yes, yes!

Mature - Competition is high and the growth has been be declining. Example: Auto market in the current situation is one good example.

Now you can explain the above graph yourself.