What is marketing?

The management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P's of marketing:

(1) identification, selection and development of a product,

(2) determination of its price,

(3) selection of a distribution channel to reach the customer's place, and

(4) development and implementation of a promotional strategy.

For example, new Apple products are developed to include improved applications and systems, are set at different prices depending on how much capability the customer desires, and are sold in places where other Apple products are sold. In order to promote the device, the company featured its debut at tech events and is highly advertised on the web and on television.

Marketing isbased on thinking about the business in terms of customerneeds and their satisfaction.Marketing differs from selling because(in the words of HarvardBusiness School's retired professorof marketing Theodore C. Levitt) "Selling concerns itselfwith the tricks and techniques ofgetting people to exchange their cash foryour product. It is not concerned with the values thatthe exchange is all about. And it does not, as marketing invariable does, viewthe entire businessprocess as consisting of a tightly integrated effort todiscover, create,arouse and satisfy customer needs."In other words, marketing has less to do with getting customers to pay foryour product as it does developing a demand forthat product and fulfilling the customer's needs.