Defining Marketing
The term marketing in a conversation tends to trigger thoughts of sales and/or advertising. Eventhough both of the functions are intimatley involved with the marketing process, it would be incorrect to believe that is all that marketing focuses on. In fact this may have been a truth in the past but times have changed and with that change has come major rethinking in the area of marketing. The much larger, demanding, and competitive markets have forced organizations to re-define marketing in a whole new light and thus depend on the marketing function to keep an orgaiztions competitive edge marketplace. This paper is intended to first identify and discuss the definition of marketing as it is applied in this day and age, second discuss the importance of marketing to an organization and finally cite examples of the effect of marketing.
There are many definitions for marketing and they all tend to have some truth. The definitions in this paper where taken from two sources highly involved in the marketing process and one source that is a student in their first marketing class. The first definition comes from the American Marketing Association and states that 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, 2006) The second definition for consideration comes from the text entitled Marketing Basics and states that "marketing is the performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client". (Perreault, 2005, pg. 9) The third and final definition comes from a student of marketing and is a compilation of a few bits of information as this is their first class taken on the subject. The third definition says that marketing is a department within an organization that is responsible for identifying potential changes in the market and developing plans for exposure in that market by researching, compiling, developing, initiating, monitoring, and fostering relationships both internally and externally.
As seen in the previous paragraph, marketing is defined in different ways yet they all tend to maintain the basic thought that marketing has more involvement in the everyday operation of an organization than making sales or creating advertisements.
Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create or exchange to satisfy individual and organisational objectives.
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.
Definition of Marketing: marketing is the thing that every organization needed to spread out the information of the organization to the social area to let the people know about it and create the chance to attract the customer. That is a process of communicating, making the customer interested about the product and service that the organization provide.
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.
It is not secret that marketing plays one of the key roles of a successful business. As Phillip Kotler said: “Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential”. Simply stated, marketing is everything you do to place your product or service in the hands of a potential customer.
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.
The major objective of any company is to make profits. Marketing is responsible for identifying a company’s customers anticipating their needs and wants, satisfying theses needs while keeping the its major goal which maximizing profits
According to Dr. Philip Kotler, marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines measures and quantifies the size of the identified market and the profit potential.
Marketing is that broad area of business activity that directs the flow of services provided by the carrier to the customer in order to satisfy customers’ needs and wants and to achieve company objectives. Marketing is more than selling: it involves a number of business activities, including forecasting, market research and analysis, product research and development, price setting, and promotion, including advertising. Marketing also involves the finance activities such as credit and collection that are associated with ticket sales. Marketing is customer oriented…Without marketing and sales, there would be no airlines. (p. 274)
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.
Too often, a marketing function is misunderstood, because many people do not understand what is meant by ‘Marketing’.
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.
According to Kotler (2012), Marketing is about identifying and meeting human social needs, thus it is not only about advertising and promotion it is more than this. It includes setting competitive price, communicating effectively with potential and existing customers and also introduction of new products.
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.