Introduction Marketing is very important to the success of a business. Before people can buy a product or service they have to know about it. However, marketing entails more than just letting people know what your company has to offer. Throughout this paper, I will define marketing, offering my personal definition as well as more formal definitions from other sources. Furthermore, I will explain to the reader the importance of marketing to organizational success giving real world examples in support of this explanation. The field of marketing can include many things. I believe, however, the most important thing which it should include is communication with customers as to the value and benefits of using that particular company's products and services. It should help to establish the business's niche in the industry and distinguish it from other such businesses. Marketing Defined The text states that marketing is both an art and a science where constant tension exists between the formulated and creative sides. At its essence, marketing is about "identifying and meeting human and social needs". It encompasses both a set of actions which seek to identify customers' needs as well as a social process of establishing a relationship with the customer to buy their products; this relationship is vital to the long term success for a company and a critical part of the marketing equation (Kotler & Keller, 2006). The American Marketing Association provides the following definition of marketing: "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 stake holders" (Kotler & Keller, 2006). Clearly, the value to the customer must first be defined by understanding the customers' needs including those that may go beyond the product or service a company is selling. For example, Safeway, a grocery store chain, goes beyond fulfilling a customer's need for groceries by addressing other needs, such as convenience, thru a door-to-door delivery of their groceries. While another company, Wal-Mart, is successful by making their products widely available to as many people as possible at the lowest possible prices. Again, the product is only part of the equation; Wal-Mart's marketing mix also focuses heavily on price and distribution (place). Finally, Microsoft now allows customers the convenience of purchasing and downloading their favorite software titles directly from Microsoft's Windows Marketplace website instead of having to travel to a retail store.
Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
Churchill, Jr., Gilbert A., and J. Paul Peter. Marketing: Creating Value for Customers. Burr Ridge: Austen Press, 1995.
Marketing is a very powerful tool. Unknown to many individuals, the influence marketing has on them is far more than mere visual and audio stimulation. It effects their perception of their surroundings and themselves. Marketing how the power to form our perception of life. A successful company understands this principle and harnesses the power of effective marketing.
It is a well-known fact that marketing is a way to get the business off the ground. Without marketing, then no one will know about the goods and services a brand is selling. “Good marketing makes the company look smart. Great marketing makes the customer feel smart.” (Chernov).
Marketing is the process of searching for options for accumulating profits by identifying the demands of the people and satisfying their needs with appropriate products. In today’s globalized business world, marketing can play a vital role in establishing trade blocks all over the globe with competitive and cutting edge market, research, policies, strategies and activities.
The marketing concept's ultimate goal in essence is to satisfy an organisation's clientele, while at the same time enabling the company to survive and prosper. It stresses consumer-orientation in all facets of a company's operation. It also emphasises adoption of a cross-functional perspective so that everyone within the organisation can have some impact on the organisation's success in both the profitability and at the consumer level. (Zikmund / D'Amico 2002)
One of the best ways to describe marketing is: Marketing is managing profitable customer relationships. The goal is to attract fresh customers by promising greater value and to keep and grow current customers by delivering satisfaction. We further define marketing management as the art and science of selecting target markets and building profitable relationships with them. This is how the marketing strategy was formed in this submission.
American Marketing Association Board of Directors approved the definition of marketing in July 2013 as ‘Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.’, Ama.org (2015). With the growth in economy, competition and market fragmentation, the marketing became more sophisticated. The large heterogeneous markets were divided into smaller segments with similar needs, wants and buying behaviour, Kotler,P., Armstrong,G. (2014).
What is marketing? Contrary to what a layperson thinks there is more to marketing than just running ads and selling products (Perreault, Cannon & McCarty, 2014). The American Marketing Association defines marketing as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large” (para. 1). Effective marketing involves strategic concepts. Some of which include how companies use marketing to Place, Promote, and Price their Products. More importantly, an understanding of the marketing concept, the marketing strategy, and the marketing plan is required for a company’s marketing efforts to be successful.
Marketing is a social and managerial process and individual obtained what they need and want though exchange.
The concept of marketing has constantly been evolving over the past years that there is no specific and precise way to define marketing. Thus, many different marketing definitions emerged and challenged other marketing perspectives. The first official marketing definition was developed by the American Marketing Association (AMA) (Gamble, Gilmore, McCartan-Quinn & Durkan, 2011). The AMA (1960, as cited in Kotler et al., 1983) defined marketing as “the performance of business activities that direct the flow of products and services from producer to consumers” (p. 7). Kotler (2009, as cited in Gamble et al., 2011) defines marketing by which individuals and groups of people acquire their needs and wants through a societal process of creating, offering and exchanging products and services of value with others. Marketing is also described as human activity targeted at satisfying the needs and wants of others through exchanged processes (Kotler et al., 1...
Marketing is a well known act and process used by many businesses and brands to effectively sell their product or service. Marketing can be defined as a management method which creates the exchange between concepts or ideas to the customer. The four elements known as the four P’s of marketing are product, price, place and promotion. A product is selected and developed, followed by identifying a price determined by the company. A distribution medium is selected in order to enhance the reach to the place of the customer. The promotional strategy is designed and applied lastly so that it will further reach to the target audience. For this, a marketing strategy can be considered as the plan for contacting people and transforming them to become
When it comes to marketing, people have diverse opinion about marketing but most people define the marketing as “Marketing is the activity, set of institution, and procedures for creating, communicating, delivering, and exchanging offerings that have value for customers, partners, and society at large”. However, marketing plays an important role in American lives due to their consumerisms. We live in a market-oriented world where almost everything has its price. The market functions based on the need of the people, and cover both rich and poor societies. Therefore, all people have been treated per their living standards.
A good definition of marketing is the process of the intermediary function between product development and sales. (Reddy ) The field of marketing entails taking a generic product or generic service (the product or services do not have to be “generic” they may be actually unique to the marketplace) and associating the generic product with a brand name (Petty 2001). Under this generic concept are the activities of advertising, public relations, media planning, sales strategy and so on.
...nd this approch will ensure organizations to obtain high returns (Kotler, Armstrong,Wong and Saunders, 2008:17). Moreover, according to Kotler and Keller (2012) marketing definition is “meeting needs profitability” (Kotler and Keller 2012:27). This definition signals the necessity of satisfying the target and potential consumers according to their special needs and as an outcome the company is obtaining a revenue to benefit itself. So to say, both sides are satisfying their needs. First of all, being successful compared to the other competitors is possible by identifying the market, consumers preferances and also competitor’s strategies for the consumers and acting afterwards in the market. Having defined “marketing” and “marketing concepts” before, it is important to understand “marketing orientation” and which stages of marketing it consists of.