July 22, 2013
The definition of marketing is the activity of selecting and developing a product by a company, determining its price, where and how it will be distributed and then implementing a strategy to promote the product. According to “Investopedia” (2013), Marketing is the activities of a company associated with buying and selling a product or service. It not only involves sales and advertising of the product but also maintaining a relationship with them for continued sales in the future.
Marketing is defined in our book “Basic Marketing” (2011), as the performance of activities that seek to accomplish an organizations objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client. Marketing is more than just selling or advertising a product to a consumer in hopes of making a sale. It’s about defining a consumer’s needs and wants and then developing a good that meets those needs. Then coming up with a price that consumers would be willing to pay for the good or service. After that an organization needs to find out the best way to get that product to the consumers. And then which stores it should put the good or service in that would attract the most attention to make it convenient for the consumers. This is part of the marketing mix that helps an organization to develop and implement a strategy to promote the good or service.
When an organization decides to produce according to consumers’ needs and wants that’s when they will be successful. An organization can produce anything it wants but if a consumer doesn’t need it then the company won’t sale it. One company that comes to mind is McDonald’s with their new McCafe. Many consumers enjoy coffee and latte’s but can’t afford to buy at Starbucks. McDonald’s offers these consumers a cheaper alternative with their latte’s, frappe’ and smoothies
References: Investopedia. (2013). Retrieved from http://www.investopedia.com/terms/m/marketing.asp 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. McDonalds. (2013). Retrieved from http://www.mcdonalds.com/us/en/food/full_menu/mc_cafe.html Sun Products. (2013). Retrieved from http://www.sunproducts.com Toyota. (2013). Retrieved from http://www.toyota.com/prius