MGT Notes

Reference: Marketing Management by Kotler Keller 14e (Pg 27)

The social definition of marketing deals with the role it plays in society, for example, to deliver a higher standard of living. It can be defined as a societal process by which a society’s participants obtain what they need by creating and exchanging items of value with others.

The managerial definition of marketing deals with making selling superfluous by understanding the customer well enough that the product fits and sells itself, thus creating a situation where a customer is ready to buy.