Defining Marketing paper
Marketing is a tool that proactive businesses use when targeting a market for a product, advertising the product, determining the competition, and achieving customer satisfaction. Included in this paper are definitions of marketing, and a personal definition. In addition, the importance of marketing in organizational success and world examples of organizations and their marketing practices are discussed.
Definitions of marketing
Marketing is a concept that is always growing and changing, and definitions of marketing seem to be written each day. Marketing is defined by a diverse collection of methods and definitions, based upon the businesses media platform and ...view middle of the document...
Personal definition of marketing
What marketing means to this individual, marketing is a process of using statistics and effective tactics to convince a population in purchasing an ethically produced, priced product or service. A consumer is more likely to buy from, and continue buying from a company of ethical standards for a longer period of time than a buyer of an unethical organization. Therefore, acquiring an ethical point of view of “doing the right thing” for customers, and doing so, is the best practice to have for a good organizational reputation and contented employees, also ethical practices help business’s when serving its clientele in an ethical manner.
There are Steps businesses must follow through with marketing their products or cervices. The first step is to define the uniqueness of the product and a unique selling proposition, for this individual a truthful ethical approach is best. The next step is to target the clientele for the product and involves research of the needs of the consumers; this can be done in an ethical manner, researching how the product or service may best serve the public. The next step is the use of statistics and tactics. Statistics is the direction the company sets out how to deliver their message of awareness of the product or service. The tactics is the steps or decisions made to keep the businesses marketing statistic on the right track. Last, define how the product or service will be advertised, whether it is through the World Wide Web or radio/television or printed Medias.
Importance of marketing in organizational success
An unsuccessful business would not use marketing techniques. No marketing will give a business no business and no sales, which intern results in no revenue and business failure. The importance of marketing in a business is whether the business is to thrive or fail. “A successful business utilizes marketing in its business practice because a successful business will, through marketing, maintain a level of customer satisfaction while creating a profit for the company” (Chulick).
For an organization to be successful, the marketing of the service or product offered is crucial. Marketing targets clientele and draws these customers to the product and eventual purchasing of the product or service, an ethical approach when marketing is the best way to draw in customers who will continue buying the product, repeat customers is mainly because of the ethical standards an organization has when producing and marketing its product.
A successful organization will follow a marketing mix when promoting a product. The first step of the 4P’s in the marketing mix method is to establish a product that will satisfy and is in demand of consumers. Next is the price of the product. This is done by determining the cost of production and marketing and based upon the economy at the time and prices of the competitors, a competitive revenue producing price is determined.
Then the place in which...