May 14, 2013
Garnesha Beck, Facilitator
Defining Marketing For any growing business marketing is a very important tool. In business it is a good investment. The area of marketing in any business has been proven to pay for itself. Because of a shortage in research and resources, time, and the understanding of its abilities, marketing is frequently understood. Marketing can be helpful for any business if it demonstrates how well the business is doing on each task. Also, how the business satisfactory produce products in its own way instead of the same as its competitors. In this paper will be other discussions. It will discuss a personal definition of marketing and definition from other sources, the importance of marketing in organizational success, and provide examples to support them.
Personal Definition of Marketing Marketing in my opinion is the advertisement of a product or service to entice potential consumers to purchase that product or service. I think that advertising is a great way to introduce individuals to products and services, especially if they are not already a consumer of that business. For example, Verizon Wireless dispenses advertisements at least once or twice a week on television. The most recent phone service plans and products are shown in the advertisement. Also the advertisements introduce ways for potential customers to get their service at a low rate and by signing a new contract with the company they will receive a new phone of their choice.
The Second Definition of Marketing The textbook received for Marketing 421 describes marketing as the movement, set of creations, communicating, exchanging, and delivering of offerings that have value to potential clients, partners, customers, and society in general (Armstrong and Kotler). For example, Target is a well know company that offers a cheaper price on products and services sold to consumers at a lower price than competitors. By selling their merchandise at an inexpensive price and matching prices with their competition who may offer specific products cheaper than Target, the business can continue to provide the cheaper products that the customers are demanding.
The Third Definition of Marketing The third definition obtained describes marketing as a management process during which products and services transfers from an idea to the customer. Marketing entails organization of four elements called the four P’s: (1) proof of identity, assortment, and the promotion of a project, (2) price determination, (3) distribution channels that reach customers, and (4) development of a good promotional strategy (Business Dictionary, 2011). For example, the four P’s can be comprehended in price, development, implementation, and distribution of the strategies for the product in question.
Importance of Marketing Nearly every business understands the significance of marketing to their company and how marketing occupies a huge role in determining the success of their company. One of the main challenges businesses in the corporate world face is maintaining competition with competitors. A good marketing strategy is necessary for all businesses. To keep consumers coming back for more, businesses usually include marketing strategies such as branding, obtaining new consumers, and influencing the behavior of the other competitors. Marketing efforts put