Definition Of Marketing Essay

900 words - 4 pages

Definition of Marketing PAGE \* MERGEFORMAT 1
Definition of MarketingIf one asked the average person the definition of marketing, the response would typically be advertising a product. Marketing, however, is more than a catch-phrase or jingle. Marketing is about satisfying the needs of the consumer. Bill Gates, founder of Microsoft, summed it up best when he said, "Your most unhappy customers are your greatest source of learning" (Hill, 2003, para. 1). The success or failure of a business can hinge on its approach to marketing; this paper will provide two different definitions of marketing and provide three examples of the importance of marketing in making a business successful in today's global marketplace.What Marketing MeansBateman and Snell define marketing as "identifying customer needs (latent or manifest) and translate them back to the firm for its reaction" (p. 580, para 6). Of all the various company departments, marketing is closest to the customer. The functionality of marketing fulfils consumer awareness and how it interrelates within an economy. If a business understands future trends within its industry, it can use the knowledge to leverage its position with competitors to meet customer wants and needs and develop the best approach to promote its product or service.The American Marketing Association (AMA) has a different definition stating the function of marketing as "a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit [both] the organization and its stakeholders" (AMA, 2010). This broad view summarizes the multiple activities of marketing within an organization. These marketing activities, if successful, should result in sales to meet organizational goals and sustain growth year over year.The view of this author is marketing is more than advertising; the most important role of marketing is to recognize and satisfy its customers' needs. In fact, for long-term growth and customer retention, marketing must find a way to exceed expectations in a changing market. With a forward thinking view of the market, a business can stay ahead of its competitors with innovation and creativity.Marketing Examples in BusinessBy definition, marketing goes beyond promoting and selling a product or service. One could refer to the four P's of marketing (product, place, promotion, and price) typically used to describe the process of marketing (Perreault, Cannon, & McCarthy, 2009). A deeper look into marketing however reveals the concept of the four P's is not as simple as it sounds. Today's marketing must include social responsibility and environmental awareness such as pollution and use of non-renewable resources. Modern organizations are under pressure to adopt socially responsible practices in addition to providing a good product or service along with outstanding customer service (Kotler & Keller, 2009).Companies have many opportunities to be...

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