Marketing plays an important role in doing and achieving in running business. Marketing is a process which not only manages the relationship but also maximizes the satisfaction of both consumers and products. There are 3 basic definitions for marketing: the definition of the American Marketing Association, Philip Kotler, and the Chartered Institute of Marketing.
In 1985, the definition of marketing from the American Marketing Association was: “Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals”. It is clearly that marketing not only satisfy individual and organization goals, it also satisfy the demand of customers and tried to explore, inspire and excite the needs of customers. The definition eliminated the idea which marketing is applied for transaction and trading. Moreover, it recognized that the organization should research the buying behavior and the demand of customers before manufacturing goods. Last but not least, 4 factors – the conception, pricing, promotion and distribution must relate to each other closely.
Philip Kotler is known as “Father of Modern Marketing” who took a new perceptions and assessments on marketing in modern world. He thought marketing like art of selling and defined that: “Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others”. In this definition, he mentioned the needs, wants and demands of customer and satisfied the desired more efficiently than other competitors, in order to enhance or preserve the consumer’s and the society’s well-being. Besides, the customers will only exchange what they value if they feel that their needs are being fully satisfied. Therefore, to be successful, the marketers have to understand the requirements of the customers, the...