The American Marketing Association (AMA) defines marketing as the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. This definition of marketing first appeared in Marketing News on March 1, 1986. It is included in the Dictionary of Marketing Terms, 2d edition, edited by Peter D. Bennett, published by the American Marketing Association, 1995.
The definition of marketing describes the nature of the process. Ralph Mroz of ad lineam defines marketing as the process that aligns the desires of customers with the capabilities of the enterprise. Marketing is a continuous cycle that involves satisfying customer needs and wants by creating mutually beneficial exchanges. A need is a state of felt deprivation. A want is the conscious recognition of a need. Marketing begins with an idea about a want-satisfying product and does not end until customers' wants are completely satisfied, which sometimes occurs after the sale.
The desire for a product together with the ability to pay for it is known asdemand More specifically, it is the quantity of a product that will be sold during a period of time at different prices. Demand comes from new customers and repeat customers. Marketers must find demand, as well as increase or decrease demand. Demarketing is the marketing task used to reduce or shift demand. Marketing is essentially management of supply and demand.. Outstanding marketers go to great lengths to learn about and understand their customers' demands.
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