Marketing

What is Marketing

Carrie Preisinger 9/2/2013

Marketing is more than just sales and advertising it requires customer service interaction and research to ensure you are getting the ideal clients based on the products you are dealing with.

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Marketing is essential to the success of any organization. It is a process by which businesses build relationships, satisfy consumer needs, and generate revenues. Marketing is a process that relies primarily on customer satisfaction to be successful. In this paper I will provide definitions of marketing and illustrate the importance of marketing in successful organizations. There are multiple different definitions of marketing, each allowing room for discussion. As a student with little insight to marketing, I understood marketing to be the advertising of goods and services. The reason I based this personal decision is due to the fact that advertising is what consumers observe in a daily routine. Once I actually sat and read through the definitions and detailed points it was determined that marketing consists more than just advertising and sales. My first definition is the starting point for learning about marketing is to begin with the basics and that starts with defining marketing. Since marketing has been an important part of business for a long time we could consult one of the many hundreds of books written on the subject to locate a definition. Or, as is more the custom today, we could search the Internet to see how marketing is defined. Whether we search print or electronic form we will find that marketing is defined in many different ways. Some definitions focus on marketing in terms of what it means to an organization, such as being the key functional area for generating revenue, while other definitions lean more toward defining marketing in terms of its most visible tasks, such as advertising and creating new products. There probably is no one best way to define marketing, however, whatever definition is used should have an orientation that focuses on the key to marketing success customers. (KnowThis.com)

Marketing
Marketing is 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. 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. (About AMA) Marketing is a set of activities, which will satisfy the objectives of both the organizations its stakeholders including customer. There are two major aspects of marketing which is the recruitment of new customers (acquisition) and the retention and expansion of relationships with existing customers (base management).In order to conquer the general market, marketers aim to create a brand name recognition or product recall. This is a technique for the consumers to easily associate the brand name with the images, logo, or caption that they hear and see in the advertisements.

For example, McDonalds is known for its arch design which attracts people and identifies the image as McDonalds. Burger King has a King and Wal-Mart has a smiley face showing that their customers are always happy. For some companies, building a reputation to the public may take time but there are those who easily attract the people.

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With an established name in the industry, a business continues to grow and expand because more and more customers will purchase the products or take advantage of the services from a reputable company. Marketing plays a very essential role in the success of a company. It educates people on the latest market trends, helps boost a companys sales and profit, and develops company reputation. But marketers must be creative and wise enough to promote their products with the proper marketing tactics. Although marketing is important, if it is not conducted and researched well, the company might just be wasting on expenses and time on a failed marketing approach. There are many differences in how people define marketing, but it comes down to what we as students think. Marketing attracts new customers to products in which they may be unfamiliar with. In this first week it has brought light to the aspects of marketing that I did not know and curiosity allows you to wonder what else about marketing will we be learning.

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References

"About AMA." Definition of Marketing. American Marketing Association, Oct. 2007. Web. 01 Apr. 2013 "Definition of Marketing - KnowThis.com." KnowThis.com. KnowThis LLC, 1998. Web. 01 Apr. 2013 Preisinger, C (2013) What is Marketing Unpublished Manuscript