What is marketing? More important, what importance does marketing have on an organizations success? In this paper, marketing will be defined. Included will be my personal definition of marketing, the definition found in Marketing Management, and the definition found in Basic Marketing. Based on these definitions, I will explain the importance of marketing in organizational success.
Definition of Marketing
There are several definitions of marketing. Although many sources define marketing differently, each definition has the same meaning. The following will describe my personal definition of marketing, followed by the definitions of marketing in Basic Marketing and Marketing Management.
Marketing, in my own words, is the art of selling and advertising. Marketing consists of promoting, advertising, pricing, and distributing to consumers. Marketing allows organizations to get their products recognized and desired by consumers.
Marketing, as described in Basic Marketing, is stated to be more than just selling and advertising (Perreault and McCarthy, Jr., 2004). Perreault, and McCarthy, Jr., give two definitions for marketing; micro-marketing, and macro-marketing.
Micro-marketing, as described in Basic 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 and McCarthy, Jr., 2004). Basically, micro-marketing focuses individual organizations.
Macro-marketing, as described in Basic Marketing, is “a social process that directs an economys flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society” (Perreault and McCarthy, Jr., 2004). Basically, macro-marketing focuses on how the marketing system as a whole works in an economy.
Marketing, as described in Marketing Management, “is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods,