Prepare a 700--word paper in which you define marketing. Include in your paper your personal definition of marketing and definitions from two different sources. Based on these definitions explain the importance of marketing in organizational success. Provide at least three examples from the business world to support your explanation. Be sure to properly cite your sources in your paper.
Running Head: IMPORTANCE OF MARKETING
Importance of Marketing
Definition of Marketing
In a moral formal setup, business and non-business organizations are also involved in marketing. The products that are marketed can be goods or services. A place, an idea, an individual or even a cause, can be marketed (Rapacz & Reilly, 2008, pg. 20). Many management thinkers consider marketing to be most critical function of a business. In a business organization, the marketing division generates the revenues essential for the survival and growth of the firm, the finance department manages these revenues and the department like R&D, production or manufacturing uses them to create products and services (Kotler, 2002). But the real challenge to the markets lies in generating those revenues profitably, by satisfying customers in a socially responsible manner (Esslemont & Lewis, 1991, pg. 1).
In my point of view marketing is an activity of producing, promoting, and providing goods and services to customers and businesses. It is a process of creating and directing an organization to sell goods or services that people are willing to buy. Marketing builds and maintains a preference for a particular product and company within the target market. It involves acquisition of new customers and retention of existing customers.
American Marketing Association was proposed definition of marketing in 1985, which is as ...
The solution defines marketing. Three examples from a business world that support the explanation is given.