We often hear people talk about marketing and some of its functions. But what does the term “marketing” really mean? Various definitions have been proposed. In 1976, the Chartered Institute of Marketing described marketing as “the management process which identifies, anticipates and satisfies customer requirements profitably” (Watkis 2008). This definition suggests that research is essential in determining market needs. Marketers must be able to predict what consumers' future needs and wants will be in order to be in a better position to offer products and services that provide complete customer satisfaction. A more recent definition states that "Marketing is a social and managerial process by which individuals and groups obtain what they need and want by creating and exchanging products and value with others" (Kotler and Armstrong 2004). This definition incorporates a number of fundamental marketing concepts, namely needs, wants, values, exchanges and transactions. Although marketing is time-consuming and increases the costs incurred by an organization, it has a number of significant benefits. Marketing practices help gain recognition and attention from your previously identified market segments or other parts of the market. Additionally, marketing aims to increase profits through increased sales (Willings 2010). Organizations practicing marketing are also successful in identifying real customers through research and retaining them by building long-term relationships based on trust (Juliett 2011). Appearing in the early 1900s, marketing underwent various developments before becoming what we know it today. Before the 1950s, marketers focused only on production and sales, putting...... middle of paper ......ingtips.com/2011/03/21/what- is-relationship-marketing/ The Alternative Business Philosophies, 2007. [online image] Available at: http://courses.unt.edu/kt3650_1/sld004.htm [Accessed December 11, 2011]. The Marketing Mix, nd [image online]. Available at: http://howtomarkettoday.com/marketing-mix-1/ [Accessed November 17, 2011. Watkis, N 2008, So what is marketing?, Marketingweb, accessed November 8, 2011, http ://www.marketingweb. co.za/marketingweb/view/marketingweb/en/page71654?oid=100694&sn=Marketingweb%20detail White, S 2010, The Evolution of Marketing, accessed 10 November 2011, http://dstevenwhite.com/2010/06/ 18 /the-evolution-of-marketing/ Willings, A 2010, Advantages and Disadvantages of Marketing, The Company Warehouse, accessed 9 November 2011, http://blog.thecompanywarehouse.co.uk/2010/11/02/ advantages-and-disadvantages-of-marketing/