Defining_Marketing

My personal opinion of marketing is the research of wants and needs of consumers and a plan to produce a product with a price affordable for the consumers. Marketing incorporates the design, quality, price, promotion and distribution of a product. These factors are the important outcome of a particular product. "Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives (Boone & Kurtz, 1998)." The American Marketing Association defines marketing, as “Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders (AMA, 2004).” Marketing plays a vital role in the success of an organization. Without knowing the needs and requirements of consumers, it is likely that the organization may suffer loss. Marketing is the concept that gives a clear picture of what the customer demands. Marketing aims to analyze the organization’s competitors and to improve the product from the competitors. Marketing teams present a product that grabs the attention of its consumers. Marketing does not merely mean advertising but advertising is an inseparable part of marketing. For instance, if an organization carried out a marketing plan effectively except for advertising and failed to catch the attention of consumers, the plan will fail. Similarly, if the marketing plan is carried out effectively and people are, demanding for the product but due to poor distribution the product is unavailable for most of the consumers; all efforts would end up unproductively. The proper marketing plans an important way to achieve organizational goals and success. Market research is like a scientist who seeks to prove or disprove a hypothesis through questions, analysis, and observation. Market research is the process by which businesses find out about customers needs, wants and desires. It makes possible the successful development of new products. Example, Apple IPhones may be helpful to understand that every feature of marketing is equally important. The company advertised the product and the quality of the product was superb but failed to distribute and value it properly. The company did not even earn half of the profit, which was probable. Hence, it said that marketing affects the profit margin of an organization. The definition of marketing is a translation of customer satisfaction and needs. Marketing is only about selling and advertising. Microsoft is another example. For the ease of the customers, Microsoft has made software available on the websites. This change brought by the company has lead to maximum customer satisfaction as they do not have to rush to the stores for the product. Similarly, Safeway, a grocery chain, has also identified that customers may love to save their time by having service of home delivery. This new feature has increased the customer satisfaction and hence profits of the organization. Marketing is acknowledged the most challenging activity for any company. The increasing complexity of markets and the speed of change mean that organizations have to make decisions in order to stay alive and these decisions often involve understanding their customs. Simply stated, marketing is everything you do to place your product or service in the hands of potential customers. It includes diverse disciplines like sales, public relations, pricing, packaging, and distribution. References Boone, L. E., & Kurtz, D. L. (1998). Contemporary marketing wired. Orlando, Fla: The Dryden Press. American Marketing Association. (2004). M guide: AMA's essential marketing directory. Chicago, IL: American Marketing Association.