Defining_Marketing

Defining Marketing September 12, 2011 Defining Marketing If someone were to walk through town asking what is marketing, he or she would receive many answers. Marketing to one organization can mean something different to another. Marketing can be defined from the organizations point of view or from the advertisers point of view. Nonetheless, marketing no matter how defined is important to any organization. Personal Definition My personal definition of marketing is a tool that an organization uses to promote new items, attract new customers, or make the organization known. Promoting new items, attracting new customers, and making the organization known each lead to the main reason, which is to make a profit. Marketing allows the organization to let customers know who they are and what they do. It also allows an organization to promote what they do, which in turns attracts new customers while keeping their old customers coming back. Based on this definition marketing is important for an organization to be successful. If the customers do not know the organization exists or the type of products or services the organization offers than the organization will not earn a profit, thus making them unsuccessful. For example Starbucks is an extremely successfully business throughout the United States using different types of marketing strategies. In a small town whether the organization is small or big like Starbucks marketing is key to success. Promoting new products will attract customers. Marketing also let the local residents know that there is a Starbucks and ready to serve. First Definition While researching the definition of marketing, I found that there are many different definitions for marketing. The first definition of marketing is from University of Phoenix Library. Robert Lusch created the follow definition for marketing that he sent to the American Marketing Association (AMA) in 2007 as a candidate for the definition of marketing. “Marketing is the adaptive process, in society and organizations, of collaborating to communicate, create, provide, and sustain value for customers through exchange relationships while meeting the needs of diverse stakeholders” (Lusch, 2007, p 5). Based on this definition marketing is also important for an organization to be successful. Marketing allows an organization to sustain value to its customers while making a profit, which meets the needs of the stakeholders. A good example is Wal-Mart. By adapting their marketing processes to advertise low prices and value for their customers brings in customers this in turn earns a profit for the stakeholders. Second Definition The second definition of marketing is also from the University of Phoenix Library. In a journal article written by Clifford Schultz in 2007, he states with "the two most recent definitions of marketing, as posted by thoughtful members of the American Marketing Association (AMA) in 2004 and 2007, have generated considerable discussion about the nature, scope, and foci of marketing" (2007, pg 1). In 2007 the AMA altered the definition of marketing because the definition was not uniformly adopted by the other associations and organizations around the world (Schultz, 2007). According to the AMA the definition of marketing is "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" (MarketingPower, Inc., 2011, para 3). No surprise that based on this definition marketing is also an important business aspect to any organization. By marketing an organization is communication a value that can be offered to the customer. This communication allows the organization to sell this value to ensure success. For example Albertsons attracts new customers to the grocery store by promotional games. Customers buy items from the store and are given a game piece that allows the customer to win money, vehicles, or other things. The more a customer spends, the more game pieces he or she is given. This not only attracts customers but also more items are sold. Conclusion In conclusion the three definitions above may be written different but mean the same thing. Marketing is a tool that allows organization to adapt their marketing strategies to communicate with customers the value they can offer. In turn this attracts customers and ultimately meets the goal of the organization. The goal is to be successful and earn a profit. Reference Lussch, R. (2007). Marketing's Evolving Identity: Defining Our Future. Journal of Public Policy & Marketing, 26(2), 261-268. doi:10.1509/jppm.26.2.261 MarketingPower, Inc. (2011) AMA Definition of Marketing, Retrieved from http://www.marketingpower.com/Community/ARC/Pages/Additional/Definition/default.aspx Shultz, C. (2007). Marketing as Constructive Engagement. Journal of Public Policy & Marketing, 26(2), 293-301. doi:10.1509/jppm.26.2.293