June 4, 2014

Marketing Definition and 4 Ps of Marketing

Marketing Management Revision Article Series

Marketing is defined by the American Marketing Association as “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.”

The four activities involved in  marketing are:

Creating. The process of collaborating with suppliers and customers to create offerings that have value.
Communicating. Learning from customers their needs and preferences and describing those offerings to customers.
Delivering. Getting those offerings to the consumer in a way that optimizes value.
Exchanging. Trading value for those offerings.

The four components of marketing are described as four Ps of Marketing:

Product. Goods and services (creating offerings).
Promotion. Communication.
Place. Getting the product to a point at which the customer can purchase it (delivering).
Price. The monetary amount charged for the product (exchange).

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