Defing Markets

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Defining Marketing
MKT/421

The Concept of Marketing
Marketing is a concept most familiar as a consumer. However, marketing in the eyes of a business person can be seen as advancement or promotion. To a consumer marketing can be explained as a commercial, a magazine ad, billboards, etc. To a sales person marketing is a source of networking and self-promotion through branching out via social media outlets such as Facebook or Twitter. Marketing to most is simply the idea of selling on a large scale. Marketing Defined by Experts

Marketing is a broad term and can be defined in countless ways. The author of What is Marketing?, Alvin J. Silk (2006) explains marketing as “the process via which a firm creates value for its chosen customers. Value is creased by meeting customer needs. Thus a firm must define itself bot the product it sells, but by the customer benefit provided. (p. 3)” Regardless, as Perreault, Cannon, and McCarthy (2011), explains it well by stating that, “marketing encourages research and innovation – the development and spread of new ideas, goods, and services. (p. 6)” As a business seeking marketing opportunities the overall consensus is a balance of satisfying consumer needs and meeting sales projections. “As firms offer new and better ways of satisfying consumer needs, customers have more choices among products and this fosters competition for consumers’ money (Perreault, Cannon, and McCarthy, p. 6, 2011).” The competition encourages lower prices for consumers and increases ambition to create new and innovative products. “The combination of these forces means that marketing has a big impact on consumers’ standard of living – and it is important to the future of all nations (Perreault, Cannon, McCarthy, p. 6, 2011).” Competitive Streak

Examples of competitive markets can be seen everywhere. In the sports car arena, Ferrari and Lamborghini have had on on-going rivalry since Ferruccio Lamborghini vowed to construct a better car after having...
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