What exactly Marketing is and why is it so very important for the success of organizations? This paper will define this writer's perception of marketing as well as discuss some well established definitions of marketing. This paper will also explain the importance of marketing has to organizational success.
Personal Definition of Marketing
My understanding of marketing is primarily about the advertising and promotional side of the goods or services for the company's customers. Working previously for an organization in the marketing department, I was familiar with advertising and promotional activities that were geared to a specific target audience. What this means to me is that marketing includes everything that has to do with coming up with a desired service or product for prospective customers. A key goal that I learned while working in the field, was to develop a lasting relationship with the customers who can directly or indirectly affect the success of the company's business. A major aspect of marketing is the recruitment of new customers and the retention and expansion of the company's relationship with existing customers.
Definitions of Marketing
According to the text, Marketing Management, marketing deals with identifying and meeting human and social needs (Kotler and Keller, 2006). Kotler and Keller also said one of the shortest definitions of marketing is "meeting needs profitably" (Kotler and Keller, 2006). The American Marketing Association offers the following formal definition: "Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stake holders (AMA, 2006)."
Wikipedia Encyclopedia offers another definition that marketing is the ongoing process of moving people closer to making a decision to purchase, use, follow or conform to someone else's...