Marketing is a managerial process by which individuals and groups obtain what they need and want through exchanging with others, creating and offering, products and services.

The definition of marketing rests on the following core concepts: needs, wants and demands; products, services; value, cost, satisfaction; exchange, transactions and relationships; markets; marketing and marketers.

The defining concept underlying marketing is Exchange. Whether exchange actually takes place, depends upon whether the two parties can agree on terms of exchange, that will leave them both better of (or at least not worst off) than before the exchange. Marketing management takes place when at least one party to a potential exchange gives thought to objectives and means of achieving desired responses from other parties.

Marketing management is a process involving analysis, planning, implementation, and control; it covers goods, services, and ideas; it rests on the notion of exchange; and the goal is to produce satisfaction for the parties involved.