Marketing

Marketing

The definition of marketing is making a product or service appealing to the public so that he or she would want to buy or sell that product or service, in an effort to bring in revenue for a business or organization. Marketing however, consist of more than television commercials or billboards one see as he or she passes along the highways. Many people think marketing is only about advertising, marketing its more than that, marketing about understands a product, competitors, and customers statistically.

Everyone comes in contact with some form of marketing every day, rather it is the shampoo one uses or the oil one puts in his or her car, marketing is part of each day use. Marketing has a very important responsibility in the economic growth and success of a business or organization. This paper will state two accurate definitions of marketing and give three examples of why marketing is important in today’s business world.

Defining Marketing

"Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives" (Boone & Kurtz, 1998, p9). Marketing also has another definition; marketing is the act or process of selling or purchasing in a market (Merriam-Webster, 2011). The definition from Boone and Kurtz (1998) has what is known throughout the business world as the “Marketing Mix.”

The “Marketing Mix” the blend of four elements of a marketing strategy- product, distribution, price, and promotion. Combining these four characteristics helps marketing managers satisfy his or her customers in a particular target area. Marketing is about analyzing the consumer needs, predicting his or her wants, and the ability to determine how many consumers have interest in what he or she has to sell. Marketing needs to establish the location in which the goods and...