Which of the following is the best definition for marketing?
A) Marketing is an organizational function and a set of business activities designed to make profits.
B) Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
C) Marketing is a business function and a process for determining the value customers desire in order to gain profit for business organizations and to seek societal benefits through nonprofit marketing.
D) Marketing is finding a hole and filling it while earning profitable dollars.
E) Marketing is the result of the equilibrium of supply, demand, marginal cost, and marginal revenue.
Answer: B) Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.