Please help me in 800 words or less define marketing. Please include 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. Thank You:
"Marketing is everything, and everything is marketing."
While Philip Kotler defines in his "Marketing Management" text book it as a social and managerial process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others.
Explain the importance of marketing in organizational success.
As you see in the above definitions the role of marketing is to satisfy the needs of customers. The final goal is to create and exchange products that will benefit both the customers and organization. It is a function of the organization that identifies their current and potential customers, create products or services that meet the needs and satisfy the wants of customers, informs and persuades them to purchase these products or services and reinforce their confidence in the purchase that they made.
Three examples from the business world to support your explanation.
Once American Dental Association endorsed Proctor and Gambles Crest tooth paste that really helps in tooth care people started flocking the shops for Crest brand of dental products.
A marketing disaster of product is the example of introduction of New Coke in 1985, by Coca Cola after changing the formula. The company did not bother about the taste of the customers. The New Product did not have the same demand and hence sale was very low. Customers started making calls, writing letters demanding the product made as per the old formula and the company was forced to heed their demand.
Wal- Mart the second largest employer in the country after the Government has the policy of putting the customer first and passes all the savings to them. It has enabled the company become a global retail giant. Customers can buy the products of their need at unheard of price
Definition of Marketing: First of all giving you a few very apt definitions of Marketing:-
The Chartered Institute of Marketing defines it as the management process responsible for identifying, anticipating and satisfying customer requirements profitably.
The value based concept states that the role of marketing is to contribute to increasing shareholder value. It is the management process that seeks to maximize returns to shareholders by developing relationship with valued customer and creating a competitive advantage.
The American Marketing Association has approved the definition as Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and ...