Marketing is defined by the American Marketing Association as 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. The term developed from the original meaning which referred literally to going to market with goods for sale. From a Sales process engineering perspective, marketing is a set of processes that are interconnected and interdependent with other functions of a business aimed at achieving customer interest and satisfaction. The Chartered Institute of Marketing defines marketing as the management process responsible for identifying, anticipating and satisfying customer requirements profitably. ďA similar concept is the value-based marketing which states the role of marketing to contribute to increasing shareholder value, In this context, marketing can be defined as the management process that seeks to maximize returns to shareholders by developing relationships with valued customers and creating a competitive advantage. Marketing practice tended to be seen as a creative industry in the past, which included advertising, distribution and selling. However, because the academic study of marketing makes extensive use of social sciences, psychology, sociology, mathematics, economics, anthropology and neuroscience, the profession is now widely recognized as a science,not in citation given]allowing numerous universities to offer Master-of-Science (MSc) programsnot in citation given]
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