Marketing_Mix

Running Head: MARKETING MIX PAPER THE FOUR P’S OF MARKETING University of Phoenix MKT 421 According to the Merriam Webster dictionary marketing is defined as the act or process of selling or purchasing in a market; the process or technique of promoting, selling, and distributing a product or service; an aggregate of functions involved in moving goods from producer to consumer. (Merriam Webster) 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. (Marketing Power 2007) Marketing in my opinion is used as a business tool to give consumers an idea of what a company has to offer. Marketing also allows a company to project an image to the public. Marketing is essential to the business community. Marketing tells consumers why they should eat at McDonald’s instead of Wendy’s. Without marketing businesses would have to depend on word of mouth. Although, word of mouth is a form of marketing there are still limitations. One person may prefer the way Wendy’s create their hamburger and as appose to McDonald’s Big N' Tasty. Marketing whether it’s being done by television, internet, or mail gives you a broader and larger population at one time. The Importance of Marketing in Organizational Success is to create a prosperous business that can with stand any obstacle that may arise for the company. Situations or obstacles that arise can often affect the prolonged existence of a business. Businesses that are in the market in the United States and businesses in the international market see the importance of effective marketing. Marketing is a fundamental factor when it comes to the success of an organization. An effective marketing strategy includes an original cliental, branding, and persuading tactics. The previous criteria are key components to increase sales. Marketing typically focuses precisely on certain populations. This skill depends on what the company is selling. For example, Pepsi Inc is a beverage company based in the United States; the objective population is the worldwide culture. A market of this stature covers everyone. However, Miley Cyrus is specific population are suburban preteens and teenagers. Whether the patrons targeted are in big or small group it is significant to recognize who your audience consist of. The special attraction when it comes to marketing of goods and services is the numerous entities and options offered to consumers. This is because it is already incorporated in the price of the merchandise. So, consumers actually pay for all marketing costs of purchased goods. Of course the cost is on the back end but never the less we do compensate for it. Marketing can used as an active product by communicating, delivering and exchanging contributions that hold worth to humanity. One thing that is important is for marketing to focus on consumer needs and particular audiences. If this is done correctly the product will sell itself. References http://www.merriam-webster.com/dictionary/marketing http://www.marketingpower.com/AboutAMA/Pages/DefinitionofMarketing.aspx