1.2 Marketing Defined
Learning Objectives
- Explain how the marketplace addresses customer wants and needs by creating opportunities for the exchange of products, services, and experiences
- Describe the role marketing plays in facilitating the exchange of value
- Define marketing
Marketing is more than just banner ads, television commercials, and people standing on roadsides dressed up like the Statue of Liberty during tax time. It’s a complex set of activities and strategies that influences where we live, what we wear, how we conduct business, and how we spend our time and money. Marketing activities are conducted in an environment that changes quickly both in terms of customer demand and the methods by which consumers obtain information and make purchases. However, before you learn about these complex variables, you will need a good working definition of marketing. The following video has one (actually two).
You can view the transcript for “What Is Marketing? Two Answers To This One Question”. (opens in new window)
Let’s move ahead so that you can gain a richer definition and understanding of marketing.
Learning Activities
- Reading: Marketing Defined