La Monica Austin
University of Phoenix
Dr. Harry Caldwell
April 9, 2013
Marketing is a vital tool for any developing business. Marketing is a worthy asset for organizations. In this area, marketing has proved to provide for itself inside any industry. However, marketing is frequently misconstrued, due to lack of study, time, funds, and the knowledge of its prospective. Marketing is an effective strategy for every industry if it displays what undertaking the organization does efficiently or how well the industry produces goods inversely from competitors. In this paper the matter of discussion is the definition of marketing and the significance of marketing in organizational success.
Three Definitions of Marketing
First Definition of Marketing
Marketing is promoting a service or product to get prospective customers who might want to purchase that specific service or product. Promoting services or products to prospective customers is a good way for every business to increase customers for the reason that if the customer does not ordinarily shop at the organization in query, that individual may not be acquainted with what services or products the organization is selling. For example, AT&T Wireless advertises their products in flyers sent out weekly in the Charlotte North Carolina region. This flyer displays the latest products and telephone service rates the company is proposing. Additionally, the promotion displays how prospective customers can require unlimited mobile telephone service at a really low price in addition to obtaining a new phone of their choice with no charge if they sign a new agreement with the business.
The Second Definition of Marketing
The reading material for Marketing/421 describes marketing as 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 (Armstrong and Kotler, p6).” For example Dollar Tree is a well-known business throughout Charlotte. Dollar Tree gives their customers lower prices on products than competitors, by marketing their products at a discounted price as well as matching prices with competitors who might offer some products at a very low cost when comparing to Dollar Tree, the industry can maintain with the request of low-cost products for the consumers.
The Third Definition of Marketing
The final definition refers to marketing as a management procedure whereas goods and services interchange from conception to the consumer. Practice consists of direction of four elements called four P'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, (4) development and implementation of a promotional strategy (Business Dictionary, 2011). For instance, the four P’s can be acknowledged in development, price, distribution, and implementation of promotional strategy of a fast food restaurant in Charlotte. Cook Out is a fast food restaurant in the Charlotte area. The company always mention in the advertisements of how their food is always made fresh upon a customers order, so all of their products sold are fresh and great tasting while offering a sensible price., Cook outs products are publicized on billboards throughout Charlotte.
Significance of Marketing
Many industries understand the significance of marketing their establishment and how marketing has a major part in the accomplishment of their establishment. An industry has countless encounters in the corporate world. One of the leading challenges is staying on point with competitors. Every organization must have a worthy marketing plan. Marketing schemes can normally contain…