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Defining Marketing Paper

923 words - 4 pages

University of PhoenixMarketing is an important part of the business organization; it is more than just promoting and selling a product. Marketing is gratifying the changing needs of the customer. This can be best summed up by the very successful businessman Bill Gates when he quoted, "Your most unhappy customers are your greatest source of learning ". The purpose of this paper is to define marketing from at least two different sources; based on these definitions I will explain the importance of marketing in organizational success. Also, I will offer three examples from the business world of the importance of marketing to the organizational success.Companies today compete with more efficient technologies. Customers have better access to their cost options and they communicate to each other in ways not imaginable in the pre-internet era. The changes in competitive environment are numerous. What have also changed are marketing strategies and the marketing programs have available to implement those strategies.Marketing strategies and marketing programs have changed, but the basic marketing definition has not. Excellent marketing is and always has been analysis, then action. It is strategy development, then logical and thought-out tactical implementation. It is the way to customer satisfaction and increasing profit.An analysis of the key terms in the definition will show that marketing's main focal point is to identify and satisfy customers in a way that helps build a solid and, hopefully, sustained relationship that encourages customers to continue doing business with the marketer.According to the American Marketing Association marketing is defined as: 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.Understanding a product/service target markets makes it much easier to guarantee that the product/service continues to be useful to buyers. Understanding the target markets makes it easier to focus on where to promote the product/service, including advertising, conducting public relations campaigns and selling the product/service.According to the Business dictionary Management process through which goods and services move from concept to the customer. As a philosophy, it is based on thinking about the business in terms of customer needs and their satisfaction. As a practice, it consists in coordination of four elements called 4P's: (1) identification, selection, and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy. Marketing differs from selling because (in the words of Harvard Business School's emeritus professor of marketing Theodore C. Levitt) "Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is...

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