Premium Essay

Define Marketing Mkt/421

In: Business and Management

Submitted By Maccie
Words 818
Pages 4
Defining Marketing Paper
E. Jenkins
MKT/421 Marketing
January 19, 2013

Defining Marketing According to Forbes.com, marketing is described as what you say and how you say it when you want to explain how awesome your product is and why people should buy it. (Forbes.com 2013) If you ask Investers.com what they think marketing is, they describe it as; Marketing is an activity. Marketing activities and strategies result in making products available that satisfy customers while making profits for the companies that offer those products. (About.com/Investors 2013) So in other words, marketing is a product, whether it be a person, place, or thing that a company will advertise or promote to make a profit. Without marketing one would never know what new products were on the market, where they were being sold, who was selling it, what price it is being sold at, etc. Marketing also applies to people. Your favorite celebrity or sport start can be marketed to promote a movie, a television show, an upcoming game, or an event. Every time you watch television or see a movie at a movie theater, one is being exposed to marketing. Commercials, signs you see along side the road, and posters are all forms of marketing. Companies or organizations needs marketing to promote what it is that they may be selling and with out the consumer to purchase these products a company or organization can never make it. A marketing department is not just a bunch of suits sitting in a boardroom tossing ideas around. A lot goes into how the product will be sold, and with out a plan, a product may never get off the ground. There are four steps to putting together a marketing plan: 1. Researching and analyzing your business and the market 2. Planning and writing the plan 3. Implementing the plan 4. Evaluating the results
A…...

Similar Documents

Premium Essay

Mkt 421

... * Marketing Mix Paper MKT/421 August 1, 2011 Fritz Beiermeister * * * * * * * * * * * * * * * * The Marketing Mix What is marketing? The meaning that many marketing managers gain knowledge of as they start out in the marketing profession is: Putting the right product in the right location (place), at the right price, at the right time. The success of an organization depends on the success of marketing. Accounting, Finance, operations, and other functions of business will not matter if there is not a demand for the organization’s product or service (Kotler, 2009). The term “marketing mix” was coined by Neil Borden back in 1953 during his American Marketing Association (AMA) presidential speech. The marketing mix include the controllable variables the company puts together to satisfy the target group (Perreault, 2009). The consumer is not a part of the marketing mix, but should be the target of any organization’s marketing campaign. In 1960, Jerome McCarthy introduced the notion of the 4Ps – Price, product, place, and promotion marketing mix [ (Marketing Mix 4P's and 5P's by Jerome McCarthy, 2010) ]. For several years these 4P’s have been in use as the chief basis on which a marketing plan is based. All of the four P’s are needed for a successful marketing mix and campaign. Generally speaking, each of the four P’s has contributed equally to the whole marketing mix. ...

Words: 1665 - Pages: 7

Premium Essay

Mkt 421 Defining Marketing

...Defining Marketing A person can define marketing in a number of ways. It can evolve from a simplistic approach to one with much more depth. After evaluating the trend of the definition, the term can then be placed with a company to evaluate its success or failure with applying marketing strategies. This paper discusses Shimano Inc.’s approach toward consumer, business, and global markets. Definition of Marketing People have a number of interpretations for the term marketing. One person may construe the concept as an advertisement ploy in which a seller attempts to offer goods or services to an individual or group for a cost. The American Marketing Association (AMA) can build upon this raw observation. The AMA (2007) states “Marketing is 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.” Four years after the AMA defined marketing, another set of authors defined marketing in a similar form but included a strategic approach. Perrealt (2011) states “Marketing is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client” (p. 6). The distinction between the last two formal statements may arise from the financial meltdown that occurred at the end of the decade (Lim, 2009). Marketing......

Words: 1031 - Pages: 5

Premium Essay

Mkt 421, Final Marketing Plan Paper

...Marketing Plan July 2, 2012 MKT 421 Ronald Bonlender Marketing Plan Apple Inc. became incorporated in 1977 and has since generated many innovations giving Apple Inc. a valuable reputation as well as immense revenue. Apple Inc. designs, manufactures and markets a variety of products sold nationwide through retail stores, online sites, and direct sale. Apple Inc. is recognized for product differentiation and will continue to do so with the introduction of Apple Inc.’s I-Magine (video game console). In creating a marketing plan, Apple Inc. intends to consider various factors, such as geographic availability, product mix, and transmission of product description. In addition, phase I of Apple Inc.’s marketing plan will consider an effective SWOT analysis to determine strengths, weaknesses, opportunities, and threats, or trends to creating this latest product. Furthermore, marketing research and analyzing consumer factors, such as demographics, psychographics, behaviors, and geographic considerations will ensure I-Magine’s success. The function in Phase I of Team B’s marketing plan is to consider industrial analysis in relation to competition and differentiation from other competitors in the video gaming industry. To pursue this strategy in Phase II, Team B undertook data-based synopsis from different online resources to gather information on the organizational strategy of Apple Inc. Findings from research information pertaining to the video game industry’s products and......

Words: 7196 - Pages: 29

Premium Essay

Define Marketing

...DEFINE MARKETING 1 Define Marketing Larry Jean Baptiste University Of Phoenix Unit 1 Individual Project Course: MKT/421 Facilitator: Henry Weber May 13, 2013 DEFINE MARKETING 2 Define Marketing Marketing is the performance of activities that seek to accomplish and organization’s objectives by anticipating customers’ or clients’ needs and directing a flow of need-satisfying good and service form producer to customers or clients. (Perrault, Cannon, & McCarthy 2011) In my opinion Marketing is a way that organizations or corporations communicate to potential and current customers in reference to having products or services that they need or desire at an affordable price. Marketing is the process of technique of promoting, selling, and distributing a product or service. (Marketing (n.d.) http://www.merriam-webster.com/dictionary/marketing.) Marketing play a vital role in an organization’s success, because without a marketing plan on how to distribute , promote, and inform potential customer and current customers of products or services that the company provides, then failure of the company is inevitable. There are a lot of competitors out there, due to this fact an organization have to place big emphasis on marketing, because not only do the company have to get the information about eh products and services to the customers in order for them to make an informed decision to get the product or service. They also have to do it cost......

Words: 919 - Pages: 4

Premium Essay

Mkt/421

...Marketing Research Amy Timpanaro MKT/421 October 28, 2013 Raj Bose Marketing Research Marketing research is an essential component for an organization to achieve success. A marketing strategy along with its components is what persuades consumers to buy a particular product or service. This paper will illustrate the areas where additional market research in needed for Kudler Fine Foods (Kudler) and analyze the importance of competitive intelligence, and analysis regarding the development of Kudler’s marketing strategy and tactics. Importance of Marketing Research “Kudler Fine Foods is a local upscale specialty food store located in the San Diego metropolitan area” (Kudler Fine Foods, 2011) that needs to enhance its marketing research in developing its marketing strategy and tactics. Marketing research is pivotal for Kudler to have a successful marketing strategy so they can remain successful and profitable within the up-scale, grocery store market. Research helps determine the demographical audience appropriate for its products because finding the proper target market is necessary in developing a company’s strategic and marketing plans. Knowing your competition and its competitive environment is essential to its marketing strategy and methods. Kudler must collect and analyze information on their competition and identify innovative ideas and various techniques that involve strong marketing tactics. Kudler’s direct competition would encompass grocery......

Words: 1347 - Pages: 6

Premium Essay

Mkt/421 – Marketing - Marketing Plan

...Marketing Plan Erik Wohler, Adnan Otovic, and Joshua Adamson MKT/421 – Marketing March 28, 2013 R. Scott Bluemel Marketing Plan: Phase I Overview of the Organization The entertainment industry is a vastly changing business, although the ideology has stayed the same throughout history. Since the earliest documented cases started appearing, stories and music were used to overcome and surpass dark times in cultures throughout the world. In more recent historical examples, during the great depression, the largest break through for the entertainment industry began to show by way of movies, musicals, radio and early television. Movies really began to dawn as a way to escape the realities of everyday life and live vicariously in a world of wonder and enchantment, or love and drama, for those who had more serious worries in the real world. With the progression of technology, movies have become a literal escape, with millions of followers across the globe. The movie industry has made such dramatic leaps in technology that the demand for movies and theaters has grown largely over the past 20 years. At Regal Cinemas, being one of the largest franchises across the globe, business has been remarkable. “Regal Entertainment Group (NYSE: RGC) operates the largest and most geographically diverse theatre circuit in the United States, consisting of 6,862 screens in 538 theatres in 38 states and the District of Columbia as of February 21, 2013, with over 211 million attendees for......

Words: 6804 - Pages: 28

Premium Essay

Defining Marketing Mkt 421

...Defining Marketing Rebecca Isfan University of Phoenix MKT-421 Instructor Scott Cohen Defining Marketing Definition of Marketing Marketing is the way in which organizations reach customers and interact with them, and the way that they develop strategies to sell products and grow their business. In a way, marketing is a form of representation of the “face” of a company. An organization's performance requires a good job of marketing to achieve positive results company-wide. Even though marketing depicts the face of a company; marketing is more complex than this description suggests on its own. “Marketing is everywhere. Formally or informally, people and organizations engage in a vast number of activities that we could call marketing. Good marketing has become an increasingly vital ingredient for business success. And marketing profoundly affects our day-to-day lives. It is embedded in everything we do—from the clothes we wear, to the Web sites we click on, to the ads we see” (Philip Kotler, 2009). Marketing means more to a company than just trying to sell their products or services. “In fact, the aim of marketing is to identify customers’ needs and meet those needs so well that the product almost 'sells itself.' This is true whether the product is a physical good, a service, or even an idea. If the whole marketing job has been done well, customers don’t need much persuading. They should be ready to buy. And after they buy, they’ll be satisfied and ready to buy......

Words: 825 - Pages: 4

Premium Essay

Define Marketing

...Define Marketing MKT/421 Marketing in my opinion is a business strategy that is designed to help promote a business. For example, commercials are a marketing strategy that organizations use to promote their business as well as other things like flyers and billboards. Marketing also includes a lot of planning when taking into consideration things like who your target market is. Once that decision is made then a business can start laying the ground work with their marketing strategy because then they can decide on what’s the best way to appeal to their consumer. According to The Chartered Institute of Marketing, "Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably." This means the ideas, the brand, how you communicate, the design, print process, measuring effectiveness, market research and the psychology of consumer behavior all count as part of the bigger picture of ‘marketing’. On www.businessdictionary.com the definition of marketing is as follows: 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: (1) identification, selection and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy. Marketing is extremely important to......

Words: 479 - Pages: 2

Premium Essay

Mkt 421 Defining Marketing

...Defining Marketing Paper MKT/421 Defining Marketing Paper Marketing can be a general term used in businesses and can be misconstrued as the simplicity of advertising a product to sell. However, after researching and defining the term marketing it is clear there are various components that make up the marketing concept. Marketing can prove to be the basis of an organization’s success if it is properly implemented and utilized. Every company uses marketing to drive their business in a profitable direction and through some example companies below it will be obvious how marketing is vital to an entity’s success. Personal Definition of Marketing The definition of marketing in the words of the writer is the foundation of every company that is used to create, plan, and execute a successful product. This concept is derived from the research of a marketing department to improve or create a product that is appealing to consumers. Marketing from Other Sources While other definitions can be found throughout the business world, the ones chosen here give a good explanation and definition of what marketing truly means and the significant role it plays in the success of an organization. Marketing Definition 1 The business dictionary describes 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: (1) identification, selection and development of a......

Words: 1208 - Pages: 5

Premium Essay

Mkt 421 Final Marketing Plan

...Final Marketing Plan MKT 421 Final Marketing Plan There are many factors to consider when a company creates and launches a new product. Not only must the product itself exude quality and greatness, but it must also be backed by an outstanding marketing plan as well. Obtaining an exceptional understanding of the ways to effectively strategize, price, distribute, and promote a new product is necessary for the success of the new item. By implementing all of these factors within a marketing plan, any company or business may strive to be boundlessly prosperous in its given field. Business Overview Louis Vuitton, the brand, and the person, share humble beginnings. At the tender age of sixteen, Louis Vuitton began working as an apprentice in Paris, France in 1837. In a period when transportation occurred primarily by trains, boats, and carriages, luggage underwent a significant amount of wear. It was important for individuals to protect their belongings while traveling great distances and throughout long journeys. It was during his apprenticeship that Vuitton began building customized boxes and trunks tailored to meet the needs of clients. Seventeen years later, Vuitton embarked on the beginning of his own business. In 1859, the Louis Vuitton workshop began with merely twenty total employees, expanding later to one hundred workers in 1900, and again in 1914 to include 225 persons (Louis Vuitton, 2015). During the early 20th......

Words: 6736 - Pages: 27

Premium Essay

Define Marketing

...Define Marketing Paper 1 Define Marketing Paper MKT/421 Define Marketing Paper 2 Marketing is very essential for a company to succeed; this is how people learn about a product or service. A person learning about a product or service is not all that marketing does, marketing entails more than that. I will discuss my personal definition of marketing along with formal definitions with example to support my explanations. Personal Definition When I think of marketing I think of it as the opportunity to grab a person’s attention so that they become interested in your product or services. I think Costco has a great idea on how to grab people’s attention to sale the products they have in their warehouse. For instance they have people come in and demonstrate the products they sale, for example I had seen this blinder a few times in the store never paid much attention until one day I went in and they were demonstrating how it work all the health benefits and offered it at a discount and gave coupons for frozen fruit. By doing this they got my attention and sold me the blinder and the fruit. They even demonstrate food I have bought food several times that were not on my list just because I tasted and wanted to it. At the end of each year they give their customers a free cookbook, and now they are offering a bulletin board to help promote the small businesses in their area. Showing that you care about your customers keeps them coming back and telling......

Words: 746 - Pages: 3

Premium Essay

Mkt/421

...Running Head: IMPORTANCE OF MARKETING Importance of Marketing Jason McCleney 3/10/2012 ADA ACC. MKT/421 Stephen Fritzenkotter Definition of Marketing In a moral formal setup, business and non-business organizations are also involved in marketing. The products that are marketed can be goods or services. A place, an idea, an individual or even a cause, can be marketed. Many management thinkers consider marketing to be most critical function of a business. In a business organization, the marketing division generates the revenues essential for the survival and growth of the firm, the finance department manages these revenues and the department like R&D, production or manufacturing uses them to create products and services (Kotler, 2009). But the real challenge to the markets lies in generating those revenues profitably, by satisfying customers in a socially responsible manner (Kerin, 2009). In my point of view marketing is an activity of producing, promoting, and providing goods and services to customers and businesses. It is a process of creating and directing an organization to sell goods or services that people are willing to buy. Marketing builds and maintains a preference for a particular product and company within the target market. It involves acquisition of new customers and retention of existing customers. American Marketing Association was proposed definition of marketing in 1985, which is as follows: “Marketing is the process of......

Words: 771 - Pages: 4

Premium Essay

Define Marketing

...Define Marketing MKT/421 Define Marketing Marketing is defined in several ways by different books, companies, websites and dictionaries. There are three different definitions of marketing from three different sources, and then it will be explained how marketing has been used for three different companies. There are management thinkers that think that marketing is the most critical function of a business. When looking at how a business is organized, the marketing department brings in the revenue which in turn goes to the finance department that manages the revenue. The companies have to have the revenue to keep the production, manufacturing, and research and development going to make new products and services to stay in the competition. Definitions of Marketing According to the American Marketing Association, marketing is 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 (American Marketing Association Marketing Power, October 2007). The Business Dictionary.com explains marketing as: Management process through which goods and services move from concept to the customer. As a philosophy, it is based on thinking about the business in terms of customer needs and their satisfaction. As a practice, it consists in coordination of four elements called 4P’s: (1) identification selection, and development of a product, (2) determination of...

Words: 1007 - Pages: 5

Premium Essay

Define Marketing

...Defining Marketing Janae Dawson MKT 421 March 14, 2012 Robert A. Cordero, MBA Defining Marketing According to (Armstrong & Kotler, 2011, p. 4) “Marketing, more than any other business function deals with the customers.” Armstrong and Kotler (2011) go on to elaborate on how marketing is the process a business takes to manage profitable customer relationships. This is known to be true from the consumer point of view. When a business has a marketing campaign they must think as if they are “I” the consumer. Every day I see what I consider to be bad or good marketing. I base these ideas if the marketing the business used attracts me to their business or product. The American Marketing Association unveiled a new definition for marketing in 2008 that defines marketing “ as an activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (“American Marketing Association releases new definition of marketing,” 2008, para. 1). The definition given by the American Marketing Association gives a more broad yet better understanding of marketing than the definition of marketing from the textbook. The elements involved in marketing provide creativity concerning ideas that will entice the consumer. An idea as simple as a slogan or phrase can gain a business customers, such as Wal-Mart’s “ Save Money. Live better.” People love to save money, and saving makes......

Words: 734 - Pages: 3

Premium Essay

Define Marketing

...Define Marketing MKT/421 Rachel Rankin May 28, 2012 Evelyn Bisenz-Johnson Marketing Definition Marketing is an eclectic activity studies and undertaken by people with a wide variety of skills and knowledge bases. Many scholars and practitioners believe that marketing is not just a functional area within an organization but also a philosophy that should permeate all areas of the organization (Webster, 2005). Marketing managers within an organization transfer marketing into other functional areas with little training in marketing ((Bartels 1974, 1983; Hunt 1976, 2002). Marketing is an organization function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders (Gregory T. Gundlach, 2004). Marketing is a way an organization advertises their product to the community. Organizations would not have a great business without marketing their product; this would include advertising the product, what it does, and how it can work for you. Marketing department makes the product look good so individuals will want to purchase the items for their business. My personal definition of marketing is developing a product and plans a strategy that allows you access to the public, and corporation that needs your product. Items that an organization sells will have......

Words: 760 - Pages: 4