What defines marketing in a broad context?

Defining marketing in a broad context emphasizes understanding it as a social and managerial process aimed at satisfying needs and wants. This perspective highlights that marketing involves not just the act of selling, but a comprehensive system of activities that includes researching consumer behavior, developing products, and fostering relationships. It acknowledges that successful marketing is built on understanding the target audience and creating value through products and services that meet their desires and requirements.

This broad definition helps clarify the multifaceted nature of marketing beyond mere transactions or advertising. It encompasses a continuous process involving various stakeholders, including consumers, businesses, and society at large, which is essential for achieving long-term success and satisfaction. By focusing on the social and managerial aspects, this approach recognizes the dynamic interplay between producers and consumers, forming the foundation for effective marketing strategies.