The organizational function and set of processes for creating, communicating, and delivering value to customers, as well as managing customer relationships in ways that benefit the organization and its stakeholders (employees, customers, investors, and society), is referred to as Marketing. Marketing is defined 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. It involves all the actions a company undertakes to promote and sell products or services, aiming to match products and services to customers who want access to them, thereby ensuring profitability and growth. Marketing also includes managing customer relationships and satisfaction to retain customers and build loyalty
. Closely related but more focused specifically on managing customer interactions and relationships to enhance loyalty and profitability is Customer Relationship Management (CRM). CRM is a strategic business process and philosophy that integrates all business processes, communication channels, and company departments that interact with customers, aiming to improve customer satisfaction and retention. CRM supports marketing, sales, and service functions by providing a holistic view of customers and enabling personalized communication and service
. In summary:
- Marketing is the broader organizational function and set of processes focused on creating and delivering value and managing exchanges that benefit all stakeholders.
- CRM is a strategic approach within that scope focused on managing and improving customer relationships specifically.
The description in your query aligns most directly with the formal definition of Marketing as per the American Marketing Association and Investopedia
