Approved definition by AMA (American marketing association) is:
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Dr. Philip Kotler (the author of business school marketing classics) defines marketing as:
“the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.”
Marketing is based on thinking about the business in terms of customer needs and their satisfaction. Professor of Harvard Business School’s Theodore C. Levitt explain as:
“Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. And it does not, as marketing invariable does, view the entire business process as consisting of a tightly integrated effort to discover, create, arouse and satisfy customer needs.”
In other words, marketing has less to do with getting customers to pay for your product as it does developing a demand for that product and fulfilling the customer’s needs.
Marketing more involves developing a demand for the product and fulfilling the customer’s needs than getting customers to pay for your product.
The size of the market is not necessarily fixed. It could be increased by decreasing the product price and the size of the qualifiable available market. It can be increased through changes in legislation that result in fewer restrictions on who can buy the product. Analyzing is the first step in defining the market.