Defining_Marketing

Defining Marketing My personal definition of marketing is that it is a form of advertising. The people who want their product introduced to the world first need to do some research on who may be interested in their product and where the product might sell. Once research has been accomplished, and they know if the product is marketable, all the formalities are done, and the product can be put on the market. Products are displayed or announced in various ways, so consumers can see them or hear about them. I believe that the right kind of marketing can sell a product, especially if it is marketed in the right area. Definitions A definition of marketing from Credoreference (2008) states: “In economics, that part of the process of production and exchange that is concerned with the flow of goods and services from producer to consumer.” For an organization, marketing does not only mean goods flowing from the producer to the customer, or the buyers, sellers, wholesalers, and retailers, but other activities are involved such as financing, insuring, and promoting. Products have to be warehoused, distributed, processed, and transferred. These activities are equally important as the manufacturers of goods, and cost. Organizations need to have all of these activities in their plan if they intend to sell and make profits. Perreault, Cannon, and McCarthy (2009) definition states that marketing is “Activities that seek to accomplish an organization’s objective by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client.” Meeting client’s needs is the purpose for most businesses, but the product has to meet the needs of the customer in order for the business to profit. Properly marketing products can persuade customers to buying them. Pricing products at a level that satisfies to the customer ensures sells and targeting that product in areas where it is needed practically guarantees sells and profits. Examples PepsiCo is an example of marketing. Their target is the global community and is a company that leads the world in billions of dollars with sells of food and beverage products. They have 19 different lines of products and each makes more than a billion dollars yearly on retail sales. The company has been around for over 100 years and is always striving to make sure consumers obtain products when and where they want them. Net revenue is almost $60 billion. Gerber products are targeted specifically for infants and parents of new babies alike. This kind of targeting is global as well, but it does not pertain to everyone. Everybody is not a parent, so baby products do not apply to them. Aiming the target is important because something is always a need for somebody. Baby clothes and milk among other products are a need, so selling products that pertain to babies will almost always make a profit. Companies that make customized cars target people who can afford to pay the price they are asking for them. Everyone cannot afford a Lamborghini, which is made by Audi AG, or a BMW, so those people are a market that certain companies can sell their products. On the other hand, Toyota, Honda, and Kia make cars that many people can afford. The price is the bottom line on these vehicles that present expensive to least expensive. Still the customer who has a need or a want can be satisfied. Conclusion My personal opinion about marketing was to research a product to determine if it were marketable. If the product is marketable, do the formalities, and put it on the store shelves. Marketing does not mean goods flowing from producer to customer only, but other activities take place for this to happen such as financing, insuring, and promoting to name a few. The product has to meet the need of the customer in order for a business to sell and make a profit. Likewise, the right kind of marketing can sell a product, and the product can be targeted to certain groups. Some companies sell globally and generate huge profits because they target the global market while others might target locally. Sodas, babies, and cars all target a market of people who have a want and need for these products, and if a company can provide the need, then it can make a profit. References: Credoreference. (2008). Marketing. The Columbia Encyclopedia. Retrieved from http://www.credoreference.com.ezproxy.apollolibrary.com/entry/columency/marketing Perreault, W. D., Cannon, J. P., & McCarthy, E. J., Jr. (2009). Basic marketing: A marketing strategy planning approach (17th ed.). New York, NY: McGraw Hill. Pepsico (2011). Company. Our leadership. Retrieved from www.pepsico.com