Definition Formal Marketing is a total system of business activities designed to plan, price, promote and distribute"want-satisfying?"goods and services to present and potential customers Informal Marketing involves finding out what people want then planning and developing a product or service which will satisfy those wants and then determine the best way to price, promote and distribute that product or service Stanton: Fundamentals of MarketingDefinition • Formal: – Marketing is a total system of business activities designed to plan, price, promote and distribute “want-satisfying” goods and services to present and potential customers • Informal: – Marketing involves: • finding out what people want • then planning and developing a product or service which will satisfy those wants • and then determine the best way to price, promote and distribute that product or service Stanton: Fundamentals of Marketing