Marketing is the study and management of exchange relationships. Marketing is the business process of creating relationships with and satisfying customers. With its focus on the customer, marketing is one of the primary components of business Philip Kotler defines marketing as "Satisfying needs and wants through an exchange process". The process of marketing is that of bringing a product to market, which includes these steps: broad market research; market targeting and market segmentation; determining distribution, pricing and promotion strategies; developing a communications strategy; budgeting; and visioning long-term market development goals.

As a mnemonic for 'product', 'price', 'place' and 'promotion', the four Ps are often referred to as the marketing mix or the marketing program, represent the basic tools which marketers can use to bring their products or services to market. They are the foundation of managerial marketing and the marketing plan typically devotes a section to each of these Ps. Marketing is the key bond between business and their customers.

 

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