Mkt 421 – Defining MarketingEssay Preview: Mkt 421 – Defining MarketingReport this essayDefining Marketing PaperStudents nameMKT 421 Week 1Date of classInstructors nameDefining Marketing PaperMarketing knows what the consumer wants and how much he or she will buy when a product or service first presents itself into the economy. The American Marketing Association gives a formal definition from Kerin (2009) “Marketing is an organizational function and a 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” (Marketing Management p. para. 5). Marketing is considering what the customer wants in the near future before the customer knows. This improves current customer relationships and potently adds new customers. Marketing includes many aspects of the community including for profit and nonprofit. The goals of a company are to establish a relationship with customers bringing them good quality products.
ExamplesDepending on whom a person talks to depend on the answer one will receive concerning marketing and its meaning. This author believes the meaning consists of the relationship between the company and the consumer, the way the company presents the product or service determines if the consumer purchases the product or service and stays with the company or not.
Marketing can be offering products or services in trade for something of equal value. According to Perrault (2009), “Marketing is the performance of activities that seek to accomplish an organizations objectives by anticipating customer or client needs and directing a flow of need satisfying goods and services from producer to customer or client” (Basic Marketing: A marketing strategy planning approach p. 6 para. 8). With additional reading from Sigue (2007), “s “Marketing researchers frequently examine the effects of product promotions on sales, changes in consumer demand, and firm profitability” (Price Competition during and after Promotions, para. 2).
This chapter is the basis of a review of the most comprehensive information on the practice of marketing today. Based on our efforts, we have identified, as of mid-2009, two common ways in which promotional actions, defined in paragraph 3(7)(c), can lead to an improvement and growth of brand development. First, the practice of marketing can help people feel that their customers are willing to pay money if they find them good, with an emphasis on quality and efficiency, and can assist consumers to engage with their desired product as part of their marketing process. Such messages can increase the credibility of sales calls by offering a more personal and relevant message about its potential to sell or market specific products as well as provide consumers with other information regarding its importance.
Second, promotional activity can help consumers to experience the value the product or services are offering (e.g., a higher return on equity for a product purchased or sold), and the more of the service and experience value associated with it, the more of the profit potential, e.g., sales can be perceived to be a win for the consumer. On the other hand, it can encourage companies to pursue marketing actions that are not a winning strategy, or to work up the sales pitch against the products to make the products profitable by encouraging people to buy or sell. Finally, given what we understand about market research, it is clear from the work of Perrault and Kuzma (2009) that it is possible to identify trends in the practice–namely, the use of marketing in the United States through online advertising.
The practice of market research, and especially the practice of marketing, is an important area of research conducted by researchers across cultures and across time. While this approach is often credited with creating a better understanding of how people perceive and understand marketing in the United States, it was also important to investigate how research leads to better understanding of the processes that drive the practices across cultures.
I argue that the process of market research leads to both improved research and, if not more efficiently, better understanding. Research has led to better understanding that the processes within the industries are fundamentally tied to marketing behaviors. As a result, research has made it possible to learn about how the different practices interact to produce a broad range of outcomes. In other words, research can help to establish the processes within the industries that drive their practices. This enables us to quickly identify important patterns in the processes that lead to what we can see as effective marketing practices, and, ultimately, to develop strategies and processes that are effective. To accomplish this, I outline some of the best practices and practices across a range of industries as a summary of the findings of research related to market
This chapter is the basis of a review of the most comprehensive information on the practice of marketing today. Based on our efforts, we have identified, as of mid-2009, two common ways in which promotional actions, defined in paragraph 3(7)(c), can lead to an improvement and growth of brand development. First, the practice of marketing can help people feel that their customers are willing to pay money if they find them good, with an emphasis on quality and efficiency, and can assist consumers to engage with their desired product as part of their marketing process. Such messages can increase the credibility of sales calls by offering a more personal and relevant message about its potential to sell or market specific products as well as provide consumers with other information regarding its importance.
Second, promotional activity can help consumers to experience the value the product or services are offering (e.g., a higher return on equity for a product purchased or sold), and the more of the service and experience value associated with it, the more of the profit potential, e.g., sales can be perceived to be a win for the consumer. On the other hand, it can encourage companies to pursue marketing actions that are not a winning strategy, or to work up the sales pitch against the products to make the products profitable by encouraging people to buy or sell. Finally, given what we understand about market research, it is clear from the work of Perrault and Kuzma (2009) that it is possible to identify trends in the practice–namely, the use of marketing in the United States through online advertising.
The practice of market research, and especially the practice of marketing, is an important area of research conducted by researchers across cultures and across time. While this approach is often credited with creating a better understanding of how people perceive and understand marketing in the United States, it was also important to investigate how research leads to better understanding of the processes that drive the practices across cultures.
I argue that the process of market research leads to both improved research and, if not more efficiently, better understanding. Research has led to better understanding that the processes within the industries are fundamentally tied to marketing behaviors. As a result, research has made it possible to learn about how the different practices interact to produce a broad range of outcomes. In other words, research can help to establish the processes within the industries that drive their practices. This enables us to quickly identify important patterns in the processes that lead to what we can see as effective marketing practices, and, ultimately, to develop strategies and processes that are effective. To accomplish this, I outline some of the best practices and practices across a range of industries as a summary of the findings of research related to market
Demands of consumersThe importance of good marketing depends on eight types of demands that show if the product or service is a success for the company making a profit or a loss. The demands include negative, nonexistent, latent, declining, irregular, full, overfull, and unwholesome. When a product or service shows a negative demand customers did not like the product and will not recommend it to anyone. A nonexistent demand can mean the advertising is not agreeable or customers do not want it. Latent demand means customers are looking for something he or she cannot find. Declining demand is people are tired of the same thing and decide to purchase it less often or not. Irregular demand consists of products or services bought occasionally like the time of the year. Full demand provides the same amount of product or service to consumers as the number of people looking for it. Overfull demand comes to play when a concert is in town and people want more product than is available. Unwholesome demand is an unsafe product or service that the consumer wants. Companies need to determine the best way to bring