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What is Marketing?
Kotler defines marketing as “The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.”
In general, marketing is considered to be only selling ad advertising. But the term marketing has a much deeper meaning, and as a function, it is a gamut of sub activities, including, but not limited to selling and advertising. Modern day marketing is a vibrant function of finding, satisfying, retaining, and re-inviting customers, by way of varied activities.
Marketing as a function is applicable not only to companies, but to people as well. Every individual is performing marketing at some point in his/her life. This can be seen in a very common example in every person’s life. A guy sees a girl, and wants to woo her. He does this by:
- Find ways to talk to her: Networking
- Get talking to her: Communication
- Project a good image of himself to her: Branding
- Attract her: Advertising
- Knows what she is and how she reacts to situations:Â Understanding consumer behaviour
- Make her like him: Conversion and Sale
- Make her stay with him for life: Retention and loyalty