Marketing

A Defining Marketing Paper Kristin Moeller MKT/421 Denise Levith November 6, 2011 Abstract A number of people would define marketing as simply the selling or advertising of a product or service. However, marketing is a much more complex concept. This paper intends to personally and professionally define marketing as well as discussing the importance of marketing in an organizations success. Personal Definition My personal definition of marketing would be the idea or concept to increase a product, service, or individual’s performance or profitability to an organization. Professional Definition The American Marketing Association (AMA) defines marketing as “an organizational function and 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, 2011) Perreault, Cannon, and McCarthy define marketing as “the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client.” (Perreault, et al., 2011. p. 6) Importance of Marketing Marketing plays a pivotal role in an organizations success. Looking at these definition shows different aspects in which marketing is important. Concepts in marketing help show what consumer or clients need and require without gaining this knowledge an organization may suffer losses in a specific product or service. The success of a marketing plan enables a view of what consumers demand and meets that need so well that the product almost sells itself (Perreault, 2011). To procure a successful marketing campaign, an organization must build the marketing relationship around the consumers, not the product. Business World Examples An organization may exhibit a slogan or tagline that can easily be associated with the organization or product as a part of a marketing plan. Wal-Mart, for example, has two well-known taglines of “Always Low Prices” and “Save Money. Live Better.” These two simple and direct taglines, which has also been adopted as their mission statement, has made Wal-Mart able to streamline their operations and reduce prices (Kotler, 2012. p. 94-95). This has almost forced competitors to lower their prices. Wal-Mart has been associated with middle and lower class income families; because higher income families may see the products are of lower quality. Wal-Mart has changed that misconception and is not frequented by all income levels because of their strong marketing tactics. The pricing aspect of Wal-Mart’s marketing mix has what allowed the organization to be successful in their ventures. Target also has a trademark tagline well-known in their marketing campaign, “Expect More, Pay Less”. To meet the wants and needs of consumers, Target is responding with a new store prototype that offers more fresh food in the general merchandise stores (Target, 2011). Target is performing a key aspect of marketing upon creating this new prototype. They are listening to what the customers want and need and putting that information into motion. To date, more than 100 stores have now been incorporated with a fresh food section of the store. However, Target does offer a “Low Price Promise”. This promises that they compare prices, price match with any competitor, and also accepts manufacturers’ coupons. Apple, Inc. may be one of the most successful marketing campaigns to date. Steve Jobs, founder and CEO of Apple had already revolutionized the hardware industry with desktop computers, PDA’s and server. He began to focus his direction toward software. Apple’s growth in the electronics market has boomed with the success of iPods, iPhones, and iPads. The new “I” craze help Apple grow to be one of the top software developers focusing their marketing strategy on a personal level (TAM, 1998-2010). Conclusion There are many aspects that can define what marketing is on a personal and professional level. As consumers we look at marketing as the way a product is presented. If it is appealing to us as consumers we may be more likely to buy the product or service. Professionals must look at marketing as a way to sell a product or service in a way that it sells itself, thus creating benefits and profits for the organization. Good marketing consists of promoting a product to the public, boost products revenue, and builds company reputation. References Kotler, P. & Keller, K. L. (2012). Marketing management (14th ed.).Upper Saddle River, NJ: Prentice Hall. Perreault, W. D. Jr., Cannon, J. P., & McCarthy, E. J. (2011).Basic marketing: A marketing strategy planning approach (18th ed.). New York, NY: McGraw-Hill Irwin. TAM. 1998-2010. The Apple Museum. Retrieved November 6, 2011 from http://www.theapplemuseum.com/index.php'id=49 Target.com. 2011. Retrieved November 6, 2011 from http://sites.target.com/site/en/company/page.jsp'contentId=WCMP04-031761