Defining_Marketing

Defining Marketing MKT/141 Defining Marketing Marketing is and will always be an important part of any organization. In this paper I discuss what marketing is and the importance of marketing in a successful organization with some real-world business examples. Define Marketing Marketing has multiple definitions. What I understand it to mean and then what the textbook definitions are. Though the definitions do vary a bit, the similarities are close. My definition of marketing is the strategy(s) organization’s use to draw consumer’s attention to a product being sold. One of University of Phoenix online textbook says, “Marketing is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client” (Perreault, Cannon, & McCarthy, 2009, p. 6). Another University of Phoenix online textbook defines it a bit differently. “Marketing is about identifying and meeting human and social needs. One of the shortest good definitions of marketing is “meeting needs profitably” (Kotler & Keller, 2009, p. 11). Marketing Importance Marketing is an essential tool for the success of any organization. Marketing tools and strategies may vary widely; however true success comes from the capability of the marketing team and their creative ability to attract consumers as well. A successful company however does not only rely on their marketing team and all of its employees. “Companies now know that every employee has an impact on the customer and must see the customer as the source of the company’s prosperity” (Kotler & Keller, 2009, p. 11). Without the ability to properly market a product, organizations would have to rely simply on word of mouth or maybe a billboard sign or two. This is useful for local businesses in small communities perhaps but not ideal for large companies that want to expand from one location to multiple locations nationwide, or possibly even globally. Technology plays a huge role in an organization’s marketing capabilities. With radio, television, Internet and smart phones, the marketing possibilities are endless. A successful marketing plan can take a small company like Starbuck’s and make it a globally known coffee empire. Real World Examples In the course of a day consumers hear and see some kind marketing from a radio station, television commercials, or even the little signs stuck in the grass on that frequently turned corner one notices heading to work each day. It would be difficult to be in the world and not observe marketing in some form. I likely purchase Starbucks coffee several days per week because of their marketing strategies, not because they have the best coffee. For the price I could certainly go elsewhere for a Latte, but in my mind and the minds of so many others, Starbucks is the best. Starbucks found a way to draw consumers in and became widely successful because of it. Wal-Mart is a retailer most people have shopped at, or in the very least heard of. Known for their “roll-back” prices and great deals, they are a leader in the retail industry. Although not everyone loves Wal-Mart despite the great deals, it is hard to argue that they have effective and successful marketing strategies. One strategy used is segmentation. “Wal-Mart uses segmentation to reach customers in different geographic markets, with its new Store of the Community concept. Now over two dozen Wal-Mart stores have been designed to reflect the communities in which they are located” (Kotler & Keller, 2009, p. 13). “I’m Lovin It!” is a slogan we have all heard. McDonald’s is arguably one of the most popular fast food chains around, they are just about everywhere. Travel cross country and see how long it takes to spot those golden arches. Since 1955 McDonald’s has been serving up everything from their french fries and hamburgers to more recently added specialty items like the McCafé. McDonald’s is always looking at what the market is doing, what consumers are buying, and doing. By offering a value menu, specialty coffees and to-go items for people on the run McDonald’s is a convenient place for consumers to grab something for a low price and feel good about it. They are competing in a big way. Although definitions of marketing may differ, one thing is apparent; organizations must adopt marketing strategies to maintain a competitive advantage in the marketplace. With all the resources available, and some creativity, a company can grow exponentially as we see with places like Starbuck’s, Wal-Mart and McDonald’s. References Kotler, P., & Keller, K. L. (2009). Defining Marketing for the 21st Century. Retrieved from https://ecampus.phoenix.edu/content/eBookLibrary2/content/eReader.aspx. Perreault, W. D., Cannon, J. P., & McCarthy, E. J. (2009). Basic Marketing. A Marketing Strategy Planning Approach. Retrieved from https://ecampus.phoenix.edu/content/eBookLibrary2/content/eReader.aspx.