Defining Marketing
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Defining marketing
Marketing is a process that involves the research, promotion, sell, and distribution of products or services to satisfy the customers needs. In this paper, the subject is to review several definitions of marketing, including a personal point of view. In addition, another area of discussion will be to provide an explanation of how marketing is significant within organizational success.
From my viewpoint, marketing involves more than advertising products and services. It is a combination of methods that engages the production, endorsement, and provision of services and goods to consumers and businesses alike. Marketing creates a preference for a particular product in the market. If the process is carried out effectively, the organization marketing a product will acquire new customers and retain existing customers.
Marketing is regarded by The American Marketing Association as “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” This definition shows the range of activities involved during the marketing strategies. Another complete definition specify that “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” (Perreault, Cannon, & McCarthy, 2009).
Marketing importance
Marketing is an important tool in the success of organization. The key for an organizational success is for a company to know the needs of their clients, exceed those needs, and build a reputation based on the knowledge acquired. Without marketing, the process of meeting and exceeding the needs of the clients is virtually impossible.
The American Marketing Association suggest (2011), “Marketing research is the function that links the consumer, customer, and public to the marketer through information–information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications”.
Businesses and marketing
Businesses that lack an effective marketing mindset are at a significant disadvantage in the contemporary business world. One company that clearly shows the importance of marketing for organizational success is McDonalds. The customers know this company for their hamburgers, breakfast, salads, and