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PLM3302 Marketing and Promotion Answers with notes Lecture 2: What is Marketing? 1. Definitions of Marketing There are a lot of different definitions of marketing, however, the main concepts among those definitions are more or less the same. Marketing often confused with promotion. Marketing involves the entirety of a company's organization from internal organization onwards. However, promotion is only part of marketing. According to Philip Kotler, marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering, exchanging products of value with others. Marketing textbooks often define marketing as a business philosophy, the central tenet of which is "closeness to the customer". Therefore, the main concern of marketing is still to satisfy our customers' needs and wants. "The aim of marketing is to define and satisfy the customer's needs better. This is achieved by trying to create an exchange that satisfies all parties; juggling different factors, such as...

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