Write a response attempting to define marketing; 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.
Marketing is so ingrained in the modern way of life we almost do not notice it - yet we are all enraptured by its power. Marketing is the process of creating consumer value in the form of goods, services, or ideas that can improve the consumer's life. Marketing is the organizational function charged with defining customer targets and the best way to satisfy needs and wants competitively and profitably. Since consumers and business buyers face an abundance of suppliers seeking to satisfy their every need, companies and nonprofit organizations cannot survive today by simply doing a good job. They must do an excellent job if they are to remain in the increasingly competitive global marketplace. This is what we say that survival of the fittest. Many studies have demonstrated that the key to profitable performance is to know and satisfy target customers with competitively superior offers. This process takes place today in an increasingly global, technical, and competitive environment
Marketing, in fact, has a various roles in a firm or business; it connects the business with its target market, it provides the major link between the business and its customers; as marketing focuses on the needs and wants of customers, it gives a business direction and help it to manage in a changing environment.; it provides the information the business needs in order to change direction or adjust its tactics by providing new products or changing existing products; and marketing helps to coordinate how a business can best use its resources to satisfy customers and achieve profit targets, yet the marketing plan can actually be seen as the 'blueprint' for a business's future success.
There are four major aspects to the basic theory of marketing: Product, Price, Place, and Promotion:
Product - What is the item or service that one is offering? How is this product "positioned" with the competition, other parts of the same company, etc?
Price - What is the pricing strategy? At what point must that change? How can price influence competitiveness and/or positioning?
Place - The Distribution aspect of marketing - how does the service or product get to the consumer or end-user? What are the fees involved? Is it a national or international product - what complexities does distribution adds to the product?
Promotion - Advertising, and how will this product or ...
This solution discusses marketing.