Mkt 421 Wk 1 Individual
Marketing Definitions
MKT 421
November 27, 2012
Marketing, what is it? And how is it defined? Marketing is sometimes difficult to grasp for the average person. Though, in the business world marketing is extremely important. Defining marketing and the marketing mix gives a great overview of how understanding marketing and the processes involved are important for a successful organization.
Many may have the general idea of what marketing is, but looking it at a micro level brings to play many more aspects that the average eye may not see. A lot more goes into marketing and for myself marketing is what gets the consumers to buy into the product. In the book, Basic Marketing: A marketing plan strategy approach states, "Marketing is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client" (Basic Marketing: A marketing plan strategy approach, 2011). Whereas The Columbia Encyclopedia says, "Marketing includes the activities of all those engaged in the transfer of goods from producer to consumer—not only those who buy and sell directly, wholesale and retail, but also those who develop, warehouse, transport, insure, finance, or promote the product, or otherwise have a hand in the process of transfer" (Columbia Encyclopedia, 2008). Finally, the Marketing Management (14th ed) states that, "Marketing is about identifying and meeting human and social needs. One of the shortest good definitions of marketing is “meeting needs profitably” (Marketing Management, 2012). The concept of "meeting needs profitably" is true because at the end of the day that is the entire purpose of marketing. Spending money is a huge deal for any company and the way we spend "marketing dollars" can really make or break the product being sold.
Although, behind the doors of marketing is a lot of planning
MKT 421
November 27, 2012
Marketing, what is it? And how is it defined? Marketing is sometimes difficult to grasp for the average person. Though, in the business world marketing is extremely important. Defining marketing and the marketing mix gives a great overview of how understanding marketing and the processes involved are important for a successful organization.
Many may have the general idea of what marketing is, but looking it at a micro level brings to play many more aspects that the average eye may not see. A lot more goes into marketing and for myself marketing is what gets the consumers to buy into the product. In the book, Basic Marketing: A marketing plan strategy approach states, "Marketing is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client" (Basic Marketing: A marketing plan strategy approach, 2011). Whereas The Columbia Encyclopedia says, "Marketing includes the activities of all those engaged in the transfer of goods from producer to consumer—not only those who buy and sell directly, wholesale and retail, but also those who develop, warehouse, transport, insure, finance, or promote the product, or otherwise have a hand in the process of transfer" (Columbia Encyclopedia, 2008). Finally, the Marketing Management (14th ed) states that, "Marketing is about identifying and meeting human and social needs. One of the shortest good definitions of marketing is “meeting needs profitably” (Marketing Management, 2012). The concept of "meeting needs profitably" is true because at the end of the day that is the entire purpose of marketing. Spending money is a huge deal for any company and the way we spend "marketing dollars" can really make or break the product being sold.
Although, behind the doors of marketing is a lot of planning
References: Edwards, J. (2012, April 5). Apple 's Biggest Marketing Secret Was Revealed In Federal Court. In Business Insider. Retrieved November 27, 2012, from http://www.businessinsider.com/apples-biggest-marketing-secret-just-got-revealed-in- federal-court-2012-8 Kotler, P. & Keller, K. L. (2012). Marketing management (14th ed.). Upper Saddle River, NJ: Prentice Hall, (P. 2-29). Marketing. (2008). The Columbia Encyclopedia, 1. Perreault, W. D. Jr., Cannon, J. P., & McCarthy, E. J. (2011). Basic marketing: A marketing strategy planning approach (18th ed.). New York, NY: McGraw-Hill Irwin.