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MKT421 Wk 1 Defining Marketing Paper

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Defining Marketing
How is marketing defined? What is its importance in a company’s success? This paper will
discuss and explain different definitions of marketing along with a definition of author himself.
In addition, this paper will elucidate the importance of marketing by giving three examples
where marketing was adapted with few mistakes resulting in disaster.
Personal Definition of Marketing
The author believes that marketing consists of all the steps taken by a company to create
interest of public in a product and attracting them into purchasing. Advertisements and sales
promotion techniques are a part of this process. Briefly, every activity undertaken in order to
ensure sales can be counted under marketing.
Definition of Marketing by KnowThis.com
According to KnowThis.com, marketing is “the strategies and tactics used to identify, create,
and maintain satisfying relationships with customers that result in value for both the customer
and the marketer” (KnowThis.com 2009, p. 3). Main elements in this are strategies and policies.
This includes identifying needs, creating product/service, satisfying a customer and then
maintaining the relationship with them.

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KnowThis.com believes strongly in strategies and tactics, and thinks of these as foundation
stones of marketing and this marketing success will eventually lead to success of the whole
company. Identification of information regarding customers demands, market trends and even
competitors is essential in formulating an effective marketing plan. Next step includes creation
and execution of a marketing plan that will bring in the customers and retain them. Next two
steps include providing and maintaining a satisfying relationship with customers, and delivering
maximum value for both customers as well as marketers. Simply speaking, the company needs to
make sure, in the last two steps, they are not only providing the best product but also the best
experience to the customers.
Definition of Marketing by American Marketing Association (AMA)
According to AMA (American Marketing Association) marketing is defined 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” (AMA, 2007).
They believe that the marketing function is the essential link between customer and the company.
They collect information regarding customers and market conditions and then act accordingly to
help in fulfilling the needs and wants of customers. Information is the key element in marketing
process because all the further actions are based on it. A good marketing plan “designs the
method for collecting information, manages and implements the data collection process, analyzes
the results, and communicates the findings and their implications”(AMA, 2007).

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Importance of Marketing in Organizational Success
Marketing is one the most important functions in an organization. It is equally important for
both production business as well as services business. Every business want to earn good profit
and this can only happen when the company sells its products and services up to a certain level.
The product can only sell when it has sufficient demand in the market. With today’s extreme
competition, it has become imperative to rely on effective marketing to create the demand. In
most cases, normal demand is there but marketing targets it in such a way that it becomes a need
of people. An effective campaign not only stimulates needs and wants but also motivates people
to get up and purchase the product. This results in more and more people buying the product thus
giving the company much needed profit.
Example One – Walt Disney Corporation
Walt Disney’s projects have a global reach and whenever they think of starting a new project
overseas, many factors come into play. Marketers face new challenges as a new theme park is
planned and executed. Similar thing happened when The Walt Disney Corporation opened the
Euro Disney theme park. The crowd on the opening day turned out to be far less than anticipated.
Some French people even protested against it as they thought it would spoil their French culture.
It was evident that Disney has failed in marketing their latest theme park effectively. “Just a short
time after Euro Disney was opened in time on April 1992 it was obvious that reality would not
meet the plans” (Recklies 2006).

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