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Defining Marketing Essay

716 words - 3 pages

Marketing is defined as, "the process or technique of promoting, selling, and distributing a product or service" (Merriam-Webster Online, 2006). Investopedia states that marketing consists of fundamental ideas that can be described by, "The four 'Ps' of marketing are product, place, price and promotion" (Investopedia.com, 2006). Many people think that marketing means "selling" or "advertising". It's true that these are parts of marketing. But marketing is much more than selling and advertising. (Perrault, 2004) It encompasses everything from the definition of the target consumer group, to delivering the products to the customer. Defining the market is the most important aspect of marketing. From this, the strategy can be composed to accommodate the company to the target market.Successful MarketingIn a consumer-based business, marketing is the most important aspect that drives the success of a company. Without knowing who the customer is, and catering to that group, the company cannot continue to operate. This is a fundamental idea, that a company needs customers to continue to function. After a comprehensive market is defined, the company must develop a plan to successfully exploit the market. A market structure must be defined that fits the strategy and economic condition. Supply and demand conditions must be examined and the competition must be identified. Upon validation of the marketing strategy an appropriate budget must be defined. The final portion of the marketing plan is implementation. Successful implementation is important to the success of the marketing plan.Marketing is important to the success of an organization because successful marketing provides for expansion of the current customer base. This expansion will increase revenue. Then it is up to the business plan to provide for successful use of the increased revenue, which manifests itself in greater profits.Marketing ExamplesBoeingBoeing has successfully implemented its marketing strategy. It has realized success in this by increasing the lead on its major competitor, Airbus. Boeing recently announced two $1 billion deals despite Airbus' newest advancement in the heavy liner market. Boeing has taken advantage of Airbus' missteps with its newest flagship the A380 super jumbo jet. Airbus has also stumbled over its re-launch of the workhorse A350.Boeing has seized this opportunity to expand its clientele and...

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