1. What is Marketing?

Marketing is a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for others. In business, the function of marketing is to bring value to customers, which the business seeks to identify, satisfy, and retain. When companies develop a marketing strategy, they make decisions about the direction that the company and their marketing efforts will take. Companies can focus on the customer, product, sales, or production.

Select one of the following questions and write two-paragraph answer based on the reading.

• How does marketing create value for customers?
• How are customers identified, satisfied, and retained through marketing processes?
• What factors affect a business's choice to focus on the customer, the product, sales, or production in developing its marketing efforts?