Week 1 Individual Assignment
MKT

Week 1 Individual Assignment
The Meaning of Marketing
The Merriam Webster Dictionary defines marketing as the process or technique of promoting, selling, and distributing a product or service (Merriam Webster, 2013). Merriam Webster further defines marketing as an aggregate of functions involved in moving goods from producer to consumer (Merriam Webster, 2013). Business Dictionary defines marketing as the management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P's of marketing: Product, Price, Placement, and Promotional Strategy (Business Dictionary, 2013). I believe that marketing is as it has been described by both Merriam Webster and Business Dictionary. The purpose of marketing is to get a product or service from the producer of the product or service to the consumer who will use the product or service. I believe that the four P’s are fundamental in getting the product or service from the producer to the consumer. Marketing is extremely important to the success of any organization.
Why Marketing is Important to an Organizations Success
There are many reasons that marketing is important to the success of any organization. First marketing gets the word out about an organizations products or services (Lorette, 2013). Getting the word out informs consumers about your product. It is important that consumers know about your product or service because without consumers knowledge of the product or service, it is hard to generate a customer base or revenue (Lorette, 2013). Second marketing generates higher sales (Lorette, 2013). Once you have introduced your product or service to a customer base, educated consumers will try your product or service and if they like it, they will spread the word to other consumers who will also buy your