According to Philip kotler

According to Philip kotler, marketing is a social process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others.
In boarder term, marketing is the analysis, planning, implementation, and control of carefully formulated programs designed to bring about voluntary exchanges of values with target markets for the purpose of achieving organizational objectives. It relies heavily on designing the organization’s offering in terms of the target markets’ needs and desires, and on using effective pricing, communication, and distribution to inform, motivate, and service the markets. (Philip Kotler)
The main key points of marketing are as follows:
Managerial Process involving analysis, planning and control.
Carefully formulated programs and not just random actions.
Voluntary exchange of values; no use of force or coercion. Offer benefits .
Selection of Target Markets rather than a quixotic attempt to win every market and be all things to all men.
Purpose of marketing is to achieve Organizational Objectives. For commercial sector it is profit. For non-commercial sector, the objective is different and must be specified clearly.
Marketing relies on designing the organization’s offering in terms of the target market’s needs and desires rather than in terms of seller’s personal tastes or internal dynamics. User-oriented and not seller-oriented.
Marketing utilizes and blends a set of tools called the marketing mix – product design, pricing, distribution and communication. Too often marketing is equated either with just advertising or with just personal selling.
In marketing, it is always assume that it needs some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to make the product or service available. (Peter Drucker). Examples: Sony’s Walkman, Nintendo’s superior video game
Marketing includes selling but should be preceded by needs assessment, marketing research, product development, pricing and distribution. Selling focuses on products, aggressive selling and sales promotion with emphasis on price variations to close the sale. Maximize profits through sales volume. Marketing focus on customer needs. Integrated marketing plan encompassing product, price, promotion and distribution, backed up by adequate environmental scanning, consumer research, and opportunity analysis with emphasis on service. Maximize profits through increased customer satisfaction and hence raise market share. The marketing concept is a consumers’ needs orientation backed by integrated marketing aimed at generating consumer satisfaction as the key to satisfying organizational goals. A human need is a state of felt deprivation of some basic satisfaction. (Food, clothing, shelter, safety, belonging, esteem etc.) Abraham Maslow noticed that some needs take precedence over others. They are physiological needs, safety and security needs, love and belonging needs and esteem needs. Human wants are desires for specific satisfiers of these deeper needs. Demands are wants for specific products that are backed by an ability and willingness to buy them. Value and satisfaction can be as follows: