Defining Marketing

Defining Marketing

Marketing is the process or act of selling, promoting, or distributing products or services.  Another definition of marketing would be where the producer moves goods and services to the customer. Marketing can also be defined as satisfying the benefiting both parties through the exchange of goods and services. The producer sells, promotes, and distributes the product and the customer purchases the product. In Chapter 1 of Basic Marketing, Perreault, Cannon & McCarthy defines marketing as “the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of needsatisfying goods and services from producer to customer or client” (2011, pg. 6). American Marketing Association describes marketing as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large” (Marketing Power, 2012).

The importance of marketing in an organization’s success based on the definitions above are identifying the needs of the customers and satisfying those needs. The producer will not have to do much persuasion, but the product or service will sell itself. Marketing consist of the four Ps, which are product, price, place, and promotion (Kotler & Keller, pg. 25). The four components of the marketing mix stress the different types or mixes of the decision factors so that both consumers and businesses meet the planned objectives. Product defines the product or service which will meet the customer’s need such as quality, design, and features. Pricing defines information on the pay structure such as discounts, list price and credit terms. Promotions include sales, marketing, and public relations. The place component includes demographics and inventory.

Three examples from the business world to support my explanation are McDonald’s, WalMart, and Coca Cola....