Defining Marketing Essay

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Running head: DEFINING MARKETINGDefining MarketingTiffany Nicole JacksonUniversity of PhoenixMarketingMGT/421John Kautenberger27 June 2007Defining MarketingWhat is marketing? At first glance, someone outside of the business world might say marketing means going to the market to shop for groceries. It may sound funny, but believe me when I say you will find at least one person who will give you that answer if they were asked, "Define marketing?" But inside the business world, we know it doesn't mean grocery shopping.When I hear the word marketing, the definition that comes to my mind is advertising a product you want to sell. As I was reading the first chapters of the textbooks assigned to this course, I couldn't find an exact definition for marketing. However the textbook, Marketing Management, stated that the American Marketing Association gave a formal definition. It stated 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.You can find another definition of marketing from the Wikipedia online free encyclopedia. It stated that it consists of the social and managerial processes by which products, goods or services, and value are exchanged in order to fulfill the needs and wants of individuals or groups.Looking at this definition and comparing it to the previous one, they have one thing in common. Both basically state that the consumers are who you want to cater to in the end, if you want them to purchase your product or service. When a product or service is marketed and is of value to the consumer it can benefit the organization and lead to success. I selected the following three companies as examples of organizations who have benefited from marketing the products or services.Best Buy is a specialty electronic retailer. They also sell software, appliances and office products. They operate locations in the US and in Canada. Their revenues for the end of their fiscal year in March were just under $35,934 million. This was a 16.5% increase compare to their revenues from the previous year. "The increase was driven by revenue growth, including the addition of new stores during fiscal 2007… (MarketLine Business Information Center [MLBIC], 2007)."According to Best Buy's SWOTT analysis, one of their strengths is a strong market position. They are the largest specialty retailer in North America and they lead the consumer electronics retail market in the US. They have been able to increase its bargaining power with consumer electronics vendors and offer more competitive prices. It states, "Strong market position gives competitive advantage to the company, improving the chances of successfully launching new products in the market (MLBIC, 2007)."Best Buy runs this program call the "Reward Zone". For every dollar you spend, they give...

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