The document defines marketing as the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. It notes that marketing is a social process concerned with satisfying human needs. Key characteristics of marketing include being customer-oriented and promoting product awareness to the public. The importance of marketing includes customer satisfaction, competitive advantage, corporate image, economies of scale, efficiency, organizational objectives, optimum use of resources, and brand loyalty.