The most formal definition of marketing is ____________?
Correct answer: D. an organizational function and a set of processes for creating, communicating, and delivering, value to customers, and for managing customer relationships in ways that benefit the organization and its stake holders.
- A. Meeting needs profitably
- B. Identifying and meeting human and social needs
- C. The 4Ps (Product, Price, Place, Promotion)
- D. an organizational function and a set of processes for creating, communicating, and delivering, value to customers, and for managing customer relationships in ways that benefit the organization and its stake holders.
- E. improving the quality of life for consumers
Explanation
The formal AMA-style definition describes marketing as an organizational function and a set of processes for creating, communicating, and delivering value while managing customer relationships. The other choices are shorter descriptions or individual marketing ideas rather than the full formal definition.
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Marketing covers how organisations identify customer needs, create value and exchange products or services through suitable markets. Key concepts include market segmentation, targeting, positioning, consumer behaviour, the marketing mix of product, price, place and promotion, branding, product life cycle and differences between marketing and selling.
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