Defining Marketing

Defining Marketing

MGT 421

Executive Summary

There are many definitions of marketing. A personal definition of marketing is that it starts with the establishment of the wants and needs of consumers from a target group and decides on a product or adjusts a known product that will meet these wants and needs. Marketing is also making sure that the product or service is available for the consumer.

The marketing process optimizes the chance of success when providing new products and services or improving existing ones. Marketing research is the collection of the data needed to establish wants and needs of the consumer. With this research organizational marketing departments develop plans for products to meet needs.

To explain marketing and success is to use examples of existing organizations. With the aid of three examples, Geico Auto Insurance, General Motors Corporation, and McDonald’s one can visualize how a successful aggressive marketing campaign contributes to the organization success.

Table of Contents

I. Introduction...............................................................................................................................4

II. Definition of Marketing………………………………………………………………………4

American Marketing Association definition…………………………………….............4

Webster Online Dictionary definition…………………………………………………...4

Personal definition…………………………………………………………….................4

III. Importance of Marketing for Success……………………………………………………….5

Product…………………………………………………………………………..............5

Price………………………………………………………………………………………5

Place……………………………………………………………………………...............6

Promotion………………………………………………………………………………...6

IV. Examples Explaining Importance of Marketing……………………………………………...6

Geico Auto Insurance……………………………………………………………………..6

GM………………………………………………………………………………………..7

McDonald’s……………………………………………………………………………….7

V. Conclusion...