How is marketing defined in a broad sense?

Marketing, in a broad sense, is defined as a social and managerial process that aims to satisfy needs and wants through the creation and exchange of value. This definition encompasses a wide array of activities and strategies that organizations employ to better understand their customers, shape their offerings, and foster relationships. It recognizes that marketing goes beyond mere transactions and promotions; it integrates research, product development, pricing strategies, and customer service, all aiming to fulfill consumer needs effectively.

By focusing on satisfying needs, this definition highlights the importance of understanding consumer behavior, preferences, and motivations, which are essential for developing effective marketing strategies. It emphasizes that marketing is about creating meaningful connections with customers, ensuring that products and services align with their desires, and ultimately contributing to customer satisfaction and loyalty. This comprehensive view positions marketing as an essential function within a business that drives decision-making and strategy, rather than confining it to sales or promotional activities alone.