Introduction In this paper I will define marketing in my own words and also research what the definition is using two different sources. While supporting my answers with three examples from the business world, I will show the importance of marketing. Marketing applies to many different areas of an organization and after close review I will make it clear on how it relates. Personal Definition Marketing is how a company or organization promotes the service or product the company uses to create revenue. After closely reviewing the needs of the public in an area or the market and the product or service is revised to accommodate these needs, a marketing plan would be created and executed. Printed Definition “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.” (AMA, 2007) • “American Heritage Dictionary's Definition of Marketing The commercial functions involved in transferring goods from producer to consumer.2 • Merriam Webster's Marketing Definition 1 b: the process or technique of promoting, selling, and distributing a product or service 2: an aggregate of functions involved in moving goods from producer to consumer 3 • Marketing Definition From MSN Encarta Dictionary the business activity of presenting products or services to potential customers in such a way as to make them eager to buy. Marketing includes such matters as the pricing and packaging of the product and the creation of demand by advertising and sales campaigns.4 Note the phrasing: "The process", "functions involved", "process or technique", "an aggregate", "the business ... ... middle of paper ... ...packaging has made the difference. I know this plan is working as the scent that I like is always the one that is sold out. While improving packaging is one part of marketing, more importantly is the process and how it is executed. Making sure the process is executed and the steps have been properly researched will ensure success. If there have been no studies in the current market for what may be needed then trying to sell plasma televisions in a third world country may not be to successful. Conclusion I have defined marketing in my own words and also research what the definition is using two different sources. While supporting my answers with three examples from the business world, I have shown the importance of marketing. Marketing applies to many different areas of an organization and after close review I hope to have made it clear on how it relates.
Marketing is one of the biggest reasons why drinking is all around us. Marketing is the achievement of promoting and selling products or services, which also includes researching target audiences, and researching the strengths and weaknesses of the tactics of the marketing strategy.... ... middle of paper ... ...
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.
Marketing is the process of appealing potential buyers to products or services. Marketing is a two-way process that aims at achieving mutually beneficial sales
Promotion - This is activities that communicate to the target market of the product, and convinces them to purchase.
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 in a lay man's language is about matching the needs of your target market to what your business is offering in the right place, with the right price and at the right time. It is not possible for the business to get close to the customer without good marketing. Good marketing will involve a good understanding of the target customer and tailoring of your product and services to meet their need. This is then communicated through your marketing efforts. Selling ensures the offering is translated to paying customers.
“Marketing is a vital part of any organization’s success in fulfilling its mission and reaching those whom it exists to serve.”
Marketing is a big concept that is difficult to define or know the meaning of one side or a specific angle because of the company's reliance on it in many aspects and complex issue for successful company strategy. There
Marketing is the process in which the company communicates with the consumers to show the value of a product or a service in order to sell it.
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.
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.
As shown in Figure 1 there are many different definitions for Marketing. The key is that they all share a common theme, marketing is: “Meeting the needs and wants and providing benefits for customers.”
Marketing was conceived in the 20th century, it was not definitive concept that could stand alone. It was associated with other form of business such economics and advertising. It was not until marketing researchers from several college to collaborate to established they needed to further investigate the concept. Marketing have many definitions per several sources but the one definition that is the most credible is the definition from the American Marketing Association. It states “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.”
In order to understand marketing one must first analyze the history of production and sales as it advanced into a marketing based approach to customer satisfaction. By definition according to rdi, “marketing is a business philosophy, the process responsible for anticipating, identifying and satisfying customer current and future needs”(rdi, 2011). To appropriately cognize marketing, one must acknowledge the evolutionary progression that transpired allowing the concept of marketing to establish existence. This progression began from trial and error initially focusing on product, and then sales, then the customer’s wants and needs; which brings us to our purpose for this dialog. Marketing is simply an advancement of two other philosophies the product philosophy, and the sales philosophy.
According to this, it is obvious that the objective of marketing is to satisfy demand of customers by those ‘individual and organizational activities’ like promotion or pricing of goods, which are all just means to achieve that. Additionally, organizations could stand out from their competitors once they meet the needs of customers better than others. Thus, it can be said that the successful marketing is to provide competitive advantages for organizations by doing better in satisfying customers’ desires through products and other marketing activities.