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1. What is Marketing? The term 'marketing' is frequently used within business and impacts on our lives on a daily basis often without our even being aware of it. But ask most people what is meant by the term 'marketing' and you will get many different answers, including advertising, selling and research. All of these are correct but not as an individual definition, marketing is far more extensive than this. The diagram below gives an indication of just some of the elements associated with marketing. Whilst the diagram shows some of the elements involved in marketing it does not adequately define the term. The Chartered Institute of Marketing (CIM) defines marketing thus, "Marketing is the management of the process responsible for identifying, anticipating and satisfying customer requirements profitably." Perhaps one of the widest definitions is offered by Kotler: "Marketing is human activity directed at satisfying needs and wants through exchange processes." This would suggest that marketing is...

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