Defining_Marketing

The creation, development, and customer needs for a service or a good and target a specified audience, in defining organizational marketing success. Defining marketing Natalie MKT421-Individual Assignment October 29, 2012 Raj Bose Here are three definitions of marketing, one personal view and two different definitions from two separate sources. Marketing Definitions- Personal definition: Integrating, and creating, a good or service to assist a customer to want to purchase such items as a good or service. Fulfilling a demand of what customers may want or need and producing a concept that the customers understand and can identify with is marketing the good or service. Customers need to be able to identify with the creation of a good or service, and then the supply and demand determines the price, how to distribute to the customers, and how to promote the goods and services. According to the American Marketing Association Board of Directors: 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. (www.marketingpower.com) | Investopedia explains: Marketing is everything a company does to acquire customers and maintain a relationship with them. The ultimate goal of marketing is to match a company's products and services to the people who need and want them, thereby ensure profitability. (www.investopedia.com) The importance of Marketing in organizational success is ultimately all about the customer satisfaction and what the customer needs, a development, creation of a good or service and the products image as seen by the public. A good or product must be desirable for one to want to purchase. Communicating and delivering marketing value is not just advertising or sales, but acquiring customers and a continued relationship between the customer and the company. Market victoriously, whether consumers that are targeted are large or small groups know and understand the intended buyers. Targeting a specific consumer being whether a child, teen, or adult, female or male will have variations depending upon the merchandise provided. No matter the market or its size it will differ in more ways than others. Differences will or could be from the consumer’s needs, wants, changes with age, their location, their resources, and specific buying practices. When marketing is broken down into segments more people can be reached and the services and products can effectively be sold, thus making a profit for the company. Companies sometimes even use age and life-cycle segmentation, this of course offers a different product and changes the marketing approaches for the child or more mature adults life-cycle groups.With the goals of marketing being that the service or good needs to be widely known by marketers and recognized for their creativeness. Receiving notification on a product is not that easy. Creating a brand name recognition or product recall. This is a technique for the consumers to easily associate the brand name with the images, logo, or caption that they hear and see in the advertisements. (www.exforsys.com)From a newborn child and the needs of a newborn, infant specific name brand products like Pampers, Gerber, Huggies wipes all target new parents and the needs of their newborn. From infancy to child-teenager, kids are interested in game systems like the Wii, Play station 3, and the X-box. There are different gender segmentation that has grown more so over the years like the usage of toiletries, magazines, clothing. Specifically towards women, young or more mature we have Proctor and Gamble with Oil of Olay for skin, targeting a more youthful look as women age. Women like men also have different deodorants, razors, and shaving cream that are also offered to do more, which are specially formulated for either woman or men, offering different results. The results of how something is packaged and advertised for image reinforcement are what sell an item, making a profit. How many women does one see purchasing men’s magazines, and vice versa' Most men are not going to pick up the Parenthood, or US weekly magazines, just like women are not going to pick up to many muscle car magazines or woodshop magazines, unless they are picking one up for a spouse. Another product, beverages such as Coca-Cola is a United States based soda beverage company, excluding no-one in the market and the target community is the global society. With all these products and so many more this is one main reason to shop at Wal-Mart, the store offers everything from, newborn items, to adult, as well as the groceries, pharmacy, tire care, and toiletries; one-stop shopping. Wal-Mart sees to it that their clients will be satisfied of their products. Since the competition of these industries worldwide is very strong, Wal-Mart utilizes all their resources to enhance the operation of the China branch and to be recognized as a leading industry. (ivythesis.typepad.com) McDonald's is another great example; they target everyone from the young to the more mature crowd. Attracting people from all age groups and being able to identify with each. We can see commercials, newspaper ads that appeal to all age groups. For the children we see the cartoon characters and toys, happy meals. The teens have a fast-paced, safe hang out with good food/dessert, and the more mature crowd can sit and have a cup of coffee and visit with friends or family as well. McDonalds have been around a very long time and with an established name in the industry, a business continues to grow and expand because more and more customers will purchase the products or take advantage of the services from a reputable company. (www.exforsys.com)With this information, the obstacles to create a thriving company can face a plethora of challenges. Obtaining great marketing strategies, new clients, all to encourage the sale of a product. Companies must maintain their marketing for success, a product alone will not sell itself. Marketing communications, skilled thinking, consumer insight within different areas will make a difference, and a result will be seen in its payoffs. A company that has already been established or one that is just starting out will face competition. Without competition, well known companies would continue to sell while lesser known companies or new companies would stand little chance of ever becoming successful. Marketing facilitates the healthy competition that allows small businesses and new businesses to be successful enter and grow in the marketplace. (smallbusiness.chron.com) Goods and services in which are marketed and purchased impacts everyone who consumes. Meaning a consumer pays for all costs of purchased goods, although the cost is towards the backend, we as consumers tend to compensate for it in the end. Marketing is not always only about the product; sometimes a little extra goes a long way. Spending some extra time returning missed calls promptly, meeting outside the office over a game of golf or a cup of coffee are all considered a part of marketing on a more personal level, a real human to human aspect instead of company to product, one can relate more easily over a discussed product if one can relate to something similar that has already been used, or can grasp a better understanding. The importance of Marketing in organizational success is ultimately all about the customer satisfaction and what the customer needs, a development, creation of a good or service and the products image as seen by the public. Again a good or product must be desirable for one to want to purchase. Communicating and delivering marketing value is not just advertising or sales, but acquiring customers and a continued relationship between the customer and the company. | | | References:  American Marketing Association Board of Directors: Marketing is retrieved from: http://www.marketingpower.com/AboutAMA/Pages/DefinitionofMarketing.aspx Investopedia explains: Marketing is retrieved from: http://www.investopedia.com/terms/m/marketing.asp#ixzz2Ahe51MiO This is a technique for the consumers and McDonalds have been around; retrieved from: http://www.exforsys.com/career-center/marketing-management/importance-of-marketing.html Marketing facilitates the healthy, retrieved from: http://smallbusiness.chron.com/importance-marketing-success-business-589.html Wal-Mart utilizes all their resources, retrieved from: http://ivythesis.typepad.com/term_paper_topics/2009/06/walmarts-marketing-effectiveness.html#ixzz2Ahh2IfSh