The marketing definitions are developed in over time, in present marketing is all about focusing on customers. Where it explains about their benefits and etc.
Marketing is 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.
“Marketing management is the art and science of applying core marketing concepts to choose target markets and get, keep and grow customers through creating, delivering and communicating superior customer value.”
• According to AMA’s definition it considers marketing as an activity, where it defines how the marketing works out side of the organization “society at large”
“Set of institutions, and processes” which refers that management isn’t only about production, selling, delivering or just commercial activities it also used by government and NGO’s to keep controlling and monitoring the products what the organizations market.
(Government and NGO’s are external factors that keeps tracking the organizations performance, production and finance as well the marketing too)
“Creating, communicating, delivering” these explains the 4P’s where the classical process which used to define marketing.
(4ps is the characteristics that affect the marketing process “Product, Price, Place, Promotions)
And finally “clients, partners, and society at large.” They try to explain the customers’ needs are dynamic and changing constantly and it explains how customers are satisfied.
• In Kotler’s definition the term “art and science” he refers to Segmentation, targeting and positioning. Which are strategic approach to modern marketing.
While the idea of customer relationship management explains in “get, keep and grow customers”
And in his definition he refers to “core marketing concepts” which is a collection of marketing elements
1. Needs, wants and demands.
2. Products and services.
3. Value, Satisfaction and quality.
4. Exchange, transactions and relationships.
And at last “creating, delivering and communicating” refers to 4p’s of marketing.
Both definitions focuses on customers mainly and in AMA’s definition it includes External environmental factors too. While Kotler forces on core marketing concepts and the both definitions mentions about 4p’s of marketing and finally both explains customers are the valuable characteristic to grow the organization and marketing is all about Customers.
As I understand from the both definitions marketing is
“A social and managerial set of institutions and institutions, process for creating, delivering and communication offering for customer satisfaction. Where the customer can get the product in right place, right price and right time while adopting to the dynamic and continuous changing environment”