Using the three definitions provided, come up with your own definition of "Marketing". Make sure that the definition is unique.
Definitions of Marketing:
1) The managerial process of identifying customer requirements and satisfying them by providing customers with appropriate products in order to achieve the organization's objectives.
2) Promoting goods and services to consumers. In the modern business world, marketing plays a prominent role in determining company policy, influencing product development, pricing, methods of distribution, advertising, and promotion techniques.
3) Marketing is managing profitable customer relationships. The twofold goal of marketing is to attract new customers by promising superior value to keep and grow current customers by delivering satisfaction.
Select a product or service from the list below and research a company that manufactures this type of product or provides the service. Based on your definition, analyze whether the company should be considered good marketers or not.
- Chocolate Bar
- Laundry Detergent
- Organic Food Product
- New "Green Product"
- Traveling Dog Groomer, Car Repair, etc.
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Using the three definitions provided, come up with your own definition of "Marketing".
Marketing can be defined as the managed process of developing, pricing, promoting and distributing goods, services and ideas to satisfy the identified needs of customers and to meet organizational objectives. The top organizational objective in most cases is profitability.
Most often the objective of marketing is, therefore, to select, supply and satisfy clients in a way that will produce profits for the organization. This requires using a marketing strategy that will include methods with which a company achieves its profitability objectives. These methods include but are not limited to marketing research, SWOTT analysis, and devising the appropriate marketing mix of Promotion, Place, Product, Price, known as the 4 Ps.
After appropriate market research and SWOTT analysis to determine who the firm's customers are and what they need, marketing mangers use the 4 Ps to develop the right marketing mix. The right marketing mix will allow the firm to develop the right products (goods, services, ideas) and make them available at the right places (where customers can conveniently find them) with the ...
Marketing unique definitions are examined.