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Definition Of Marketing Essay

1162 words - 5 pages

I am going to tell you about marketing, what it means from my own viewpoint and what some fancy books say. Let's start with the Definition of Marketing per the American Marketing Association: 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. The definitions came from American Marketing Association Board of Directors. A new definition of marketing was adopted October, 2007. Okay, that's one definition, now a second definition is: the process by which products and services are introduced to the marketplace. This definition comes from investorwords.com. The last definition I have is from an oldie but a goodie, a dictionary: mar•ket•ing, noun1. selling of products or services: the business activity of presenting products or services in such a way as to make them desirable2. grocery shopping: the buying of household supplies, especially fooddid our marketing for the weekThis definition comes from Encarta® World English Dictionary [North American Edition] © & (P) 2007 Microsoft Corporation.My own definition is somewhat near all of those. Before I read the chapter assignments I always thought that marketing was more or less the advertisements, and commercials you saw everywhere. But I was definitely wrong; marketing is so much more in the new business world.The business world and marketing, what makes is so important that if you want to be a success in business you must use the right marketing. The following are some of the things that a business must do as part of its marketing plan. 1. Analyze the needs of the people; find out what they really want. 2. Predict what different customers will want and decide which of these people the firm will try to satisfy. 3. Estimate how many of these people will want to buy your product. 4. Determine where in the world they are and how to get your products to them. 5. Estimate what price they are willing to pay and if the firm can make a profit selling at that price. 6. Decide which kinds of promotion should be used to tell potential customers about the firm's products. 7. Estimate how many competing companies will be making your products, what kind, and at what prices. 8. Figure out how to provide warranty service if a customer has a problem after buying one of the products. This is the start of a successful marketing program, one in which the key goal is, customer satisfaction. No matter where a customer turns, they will see marketing. Marketing is important to every consumer, to your job, and greatly affects your own as well as others standards of living.Marketing encourages research and innovation, which leads to economic growth and development. Where would the world be at today if a caveman had not discovered fire and shared (marketed) it out to others.What about some examples of companies who have used marketing successfully. Let's start...

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