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Define Marketing Essay

1021 words - 4 pages

Define Marketing Marketing is a critical element of the business world and is more than simply promoting and selling a product. Successful marketing is satisfying the ever-changing needs of the customer. There are many definitions for marketing. The Department of State and Regional Development defines marketing as "finding out what customers want, then setting out to meet their needs, provided it can be done at a profit. Marketing includes market research, deciding on products and prices, advertising, promoting, distributing and selling" (NSW Small Business, 2007). The Center for Media Literacy defines marketing as "The way in which a product or media text is sold to a target audience" (2007). In the following paragraphs I will explain the importance of marketing and provide three examples from the business world which show the importance of marketing to the overall organizational success.The Importance of MarketingIt is very important for a business to understand effective marketing and that what may work for one company may not work for the other. To be able to satisfy the needs of target customers an organization must be able to organize all the variables into an effective marketing mix. A widely used strategy which helps with this concept is the strategy of the four P's, which are product, place, price and promotion. This strategy helps the organization understand what they are selling, where they are selling, how much they are selling it for, and to whom they are selling their product to.Understanding the needs and desires of the customer is probably the most important piece of any marketing strategy. "A marketing strategy identifies customer groups which a particular business can better serve than its target competitors, and tailors product offerings, prices, distribution, promotional efforts, and services toward those market segments. Ideally, the strategy should address unmet customer needs that offer adequate potential profitability. A good strategy helps a business focus on the target markets it can serve best" (SBA Marketing Basics, 2007).A company may have a wonderful product, but if the product or service does not fit the needs of the company's potential and current customers, then the product or service will more than likely fail. An organizations marketing strategy must effectively gain the interest of the customer over that of its competitors. Understanding what a customer wants and/or needs and being able to effectively tailor their product to those markets is critical to any organizations success in today's intensely competitive environment.Effective Marketing ExamplesReaching the target audience should be addressed in the business plan. For example, a small diner may find that while customers come in a steady stream throughout the day, the biggest rush comes at breakfast, when profit margins are highest. Who are these customers? If the bulk of the morning rush is made up of senior citizens, the diner may consider offering...

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