Marketingis 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. (AMAs definition)

Marketingis communicating the value of a product, service or brand to customers, for the purpose of promoting or selling that product, service, or brand.Today, marketing must be understood not in the old sense of making a saletelling and sellingbut in the new sense of satisfying customer needs. (Philips Kotler)Marketing is The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. (Philips Kotler).Marketing is managing profitable customer relationships. The twofold goal of marketing is to attract new customers by promising superior value and keep and grow current customers by delivering satisfaction. (Philips Kotler) E.g service shoes, parwaz fans, Telenor.The four ps concept in marketing Product Price Place PromotionImportance Marketing in for-profit and not for profit organizations Marketing in our day to day lives. The Marketing Process1. Understand the marketplace and customer needs and wantCustomer Needs, Wants, and DemandsNeeds States of felt deprivation. Wants The form human needs take as they are shaped by culture and individual personality. Demands Human wants that are backed by buying power.Market OfferingsProducts, Services, and Experiences Consumers needs and wants are fulfilled through market offerings.

Marketing myopia The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products. E.g WAPDA, RailwaysPitfall: Disloyalty2. Design a customer-driven marketing strategyA marketing management is the mechanism to devise a customer driven marketing strategy whereas Marketing management is the art and science of choosing target markets and building profitable relationships with them. Marketing management involve answers to the following questions. What customers will we serve (whats our target market)? and How can we serve these customers best (whats our value proposition)?3. Construct an integrated marketing program that delivers superior valueThe marketer develops an integrated marketing program that will actually deliver the intended value to target customers. The marketing program builds customer relationships by transforming the marketing strategy into action. It consists of the firms marketing mix, the set of marketing tools the firm uses to implement its marketing strategy. The major marketing mix tools are classified into four broad groups, called the four Ps of marketing: product, price, place, and promotion. To deliver on its value proposition, the firm must first create a need-satisfying market offering (product).4. Build profitable relationships and create customer delightManaging detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.5. Capture value from customers to create profits and customer equityThe final step involves capturing value in return in the form of current and future sales, market share, and profits. By creating superior customer value, the firm creates highly satisfied customers who stay loyal and buy more. This, in turn, means greater long-run returns for the firm. Here, we discuss the outcomes of creating customer value: customer loyalty and retention, share of market and share of customer, and customer equity.