0.5 What is Marketing?

Marketing is a wide-ranging field that encompasses all of the ways in which companies interact with their current consumers and prospective consumers.  This includes companies’ efforts to better understand customers, to build and maintain relationships with customers, and to appeal to customers’ desires.

When done well, marketing benefits both the consumer and the firm – it means that consumers will be offered products that suit their needs, interests, and wants, and it means that the firm can be positioned to earn profits by delivering this value in the marketplace.