...The definition of marketing has evolved and changed throughout time and will continue to do so, as our environment changes and our knowledge improves. Kotler defines 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’ (Kotler, Adam, Denzie, Armstrong 2007 pg 7). This being the most current definition best reflects marketing in today’s environment. Through looking at the 1935 and 1985 AMA’s definitions plus the 2004 article definition it is clear that they are not suitable for today’s time. The American Marketing Association (1935), first defined ‘marketing as the performance of business activities that direct the flow of goods and services from producers to consumers’ (Darroch, Miles, Jardine, Cooke 2004 pg. 31). This first official definition of marketing was seen to be restricted, concentrating on 3 main focal points; ‘the managerial function of coordinating demand and supply, production of goods and services and marketing as a business activity’ (AMA 2004 pg. 31). It had little reflection to either promotions or pricing( Dann 2008 pg. 226). For a Definition to be viable in today’s environment it must include promotions & pricing. The AMA (1985), later modified their definition of marketing stating that it was ‘the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services...
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...Marketing Unit Assignment 1 1) Definitions of Marketing There are many definitions of Marketing. Each of them includes different aspect of Marketing in a global business environment. To see and highlight the differences of each definition I will write them down in order to see the full picture of what Marketing is all about. • Marketing is the performance of business activities that direct the flow goods and services from organisations to their customers. This is simplest statement which explains Marketing very generally as a “business itself”. The aim of any business organisation is to sell goods to the customers, therefore Marketing is a way to reach those customers. • Marketing involves the business understanding the needs and wants of customers and adapting the operations to deliver the right goods and services more efficiently than its competitors. There is big competition on a global business market, so to be ahead of competitors, the company is spending more money and time in order to find the right way of how to reach the right customers and send them the right information about the product to gain their interest. • Marketing is concerned with the matching of an organisations capabilities with consumers wants. Marketing plays the central place in business process by identifying the needs of consumers and then analysing whether is that particular organisation is able to satisfy these needs or not. • Marketing is the process...
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...Marketing comes in a wide variety of flavors based on audience, media platform and business in today’s evolving and dynamic marketplace. Therefore, it’s no surprise that marketers define what they do differently. Inspired by the31 PR Definitions article, here’s a roundup of seventy-two marketing definitions by experienced practitioners across different specialties. Marketing Definitions To start, here are explanations from the American Marketing Association (AMA), marketing’s professional organization, and Dr. Philip Kotler, the author of business school marketing classics. They’re followed by the other definitions in alphabetical order by author’s last name. 1. According to the American Marketing Association (AMA) Board of Directors, 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. 2. Dr. Philip Kotler defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.” 3. Marketing is the messages and/or actions that cause messages and/or actions. Jay Baer – President...
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...Running Head: MARKETING DEFINITION Marketing Definition Paper University of Phoenix MKT 421 October 31, 2006 Marketing Definition Paper When most people think of marketing they think of advertisements and commercials. This is partially true though there are differences amongst advertising products and marketing. According to the American Marketing Association (2006), “Marketing is an organizational 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.” This view is similar to other definitions such as MSN Encarta Dictionary. The dictionary depicts marketing as “selling of products or services: the business activity of presenting products or services in such a way as to make them desirable” (MSN, 2006). Though most people would settle for these definitions a personal definition is “Marketing are the activities such as marketing research and the 4 P’s (price, product, promotion, place) that are linked to a specific product and the target markets wants and needs. Marketing is the act of satisfying customers beyond the competitor’s abilities.” Marketing and Organizational Success Many areas intertwine to create a successful organization. Marketing is one area that intertwines with almost every aspect of a company such as sales, accounting and finance, customer service, and internal and external publics. Marketing is a valuable...
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...Marketing Definitions Dear readers, since Marketing is a major portion of SBI Exams, so here we are presenting you some quick notes on Marketing. Hope they prove to be useful in the upcoming exam. * Market: It is a physical place or an environment where sellers and buyers meet together to exchange goods and services. * Marketing: It is the sum total of all activities that are related to the free flow of goods from the producer to the customer. Getting the right goods & services, to the right people, at the right place, at the right time and at the right price. * Marketing Management: It is the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value. * Market Research: It is a process of collection and analyzing information regarding customer needs and buying habits, the nature of competition in the market, prevailing prices, distribution network, effectiveness of advertising media etc for arriving at a decision. * Relationship Marketing: It is basically building mutually satisfying long term relationships with key parties like customers, suppliers, distributors and other marketing partners in order to earn and retain their business. * Direct Marketing: It consists of a manufacturer selling directly to the final customer. It is also called zero level channel. The major examples are door-to-door sales, telemarketing, Internet selling etc. * Packaging: It...
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...Definition of Marketing MKT/421 Marketing Research Analysis: Kudler Fine Foods Kathy Kudler started Kudler Fine Foods in 1988 because she had a passion for cooking and gourmet foods. Kathy Kudler has three locations, they are in La Jolla, Del Mar, and Encinitas, the stores have all been successful. Kudler Fine Foods stores sell gourmet and quality foods, they sell baked goods, meats, seafood, fresh produce, dairy products, and a variety of fine wines. With their great deal of success they will likely be able to expand to new locations in the future. Kudler Fine Foods mission is to “provide their customers with the finest selected foodstuff, wines, and related needs in an unparalleled consumer environment (University of Phoenix, 2008).” Marketing research will aid in helping her find the right marketing strategy to help the business in the future. Importance of Marketing Research People who start businesses “need information in order to produce products and services that create value in the mind of the customer (Internet Center for Management and Business Administration, 2010).” Market research considers the business, competitors, and customers. Kudler Fine Foods needs to do market research to ensure they have all of the information about their competition and target market. When market research is done correctly, businesses minimize their risk. There is five steps involved in Marketing research. The first step is to define the problem, analyze...
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...Marketing Definition Paper University of Phoenix MKT/421 - Marketing June 6, 2011 Marketing Definition Paper In this paper, I will provide my personal definition of marketing, and definitions from two different sources. Based on these definitions, I will explain the importance of marketing in organizational success, providing at least three examples from the business world. My personal definition of marketing is the promoting of products or services in such a way to make them desirable to the public. Marketing is satisfying the needs of customers, and creating the environment that products or services appear valuable. BusinessDictionary.com defines marketing as the management process in which services and goods progress from innovation to the customer. As a practice, it consists of four elements: selection, identification, and development of a product, price determination, distribution channel selection, and the development and implementation of a promotional strategy (Business Dictionary, 2010). MarketingPower.com defines marketing as the set of principles, and processes for creating, exchanging, communicating, and delivering offerings that create innovation for clients, partners, customers, and society (Marketing Power, 2007). Marketing is very important to business because it contributes greatly to the success of the organization. Distribution and production depend greatly on marketing. Sales and marketing are not the same....
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...Most business experts would consider marketing to be a critical function of its operation. The marketing department helps generate the income that the business relies on for survival and growth. The real challenge lies in generating income profitably, by creating happy customers in a socially ethical manner. For this student, marketing is; taking a product, or line of products and showcasing them in the most positive way possible. Marketing makes the product appealing and indispensible in the eyes of the consumer, and if marketed properly the product, line of products, and hopefully itself will be foremost in the front of the customers’ minds. According to the American Marketing Association, which published a definition of marketing in 1985, “Marketing is the process of planning and executing the conception, promotion, distribution, and pricing of ideas; to satisfy objectives both individually and organizationally by using services and goods to create an exchange,” (Wilson & Gilligan, 2005, p.3). In a relative definition, a professor at Michigan State University, E. Jerome McCarthy, states “Marketing is the performance of certain activities, ones that look to achieve the objective of an organization by predicting customers’ or clients’ requirements and guiding a flow of essential compliance from manufacturer, to clients and customers” (Ries & Trout, 2005, p.2). At its very core, marketing is really about tactics and strategies that can be used...
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...Integrated Advertising, Promotion, and Marketing Communications, 6e (Clow/Baack) Chapter 1 Integrated Marketing Communications 1) Communication is defined as transmitting, receiving, and processing information. Answer: TRUE Diff: 1 Question Tag: Definition (Concept) AACSB Categories: AACSB: Communication abilities Objective: 1-1 2) When an advertising creative takes an idea and transforms it into an ad, the process is known as decoding in a communications model. Answer: FALSE Diff: 2 Question Tag: Definition (Concept) Objective: 1-1 3) The process of creating television commercials, print ads, and retail coupons are examples of encoding. Answer: TRUE Diff: 2 Question Tag: Definition (Concept) Objective: 1-1 4) Televisions carrying advertisements and billboards that are available for new ads are examples of senders in the communication process. Answer: FALSE Diff: 2 Question Tag: Definition (Concept) Objective: 1-1 5) When a customer smells a perfume sample in a magazine while reading an ad, decoding is taking place. Answer: TRUE Diff: 3 Question Tag: Application Objective: 1-1 6) Typically, advertising messages are decoded in the same way by large numbers of consumers because of the standard nature of the decoding process. Answer: FALSE Diff: 3 Question Tag: Critical Thinking Objective: 1-1 7) Noise is anything that distorts or disrupts a message and can occur at any stage in the communication process. Answer:...
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...Defining Marketing MKT/421 Defining Marketing When you hear the term marketing, it may elicit any one of several thoughts, although two trains of thought seem most likely to develop. First of all, marketing might seem like such a common term that it should be simple to define. On the other hand, marketing might seem like such a generalized, wide-ranging concept that it becomes exceedingly difficult to describe accurately. It is foreseeable that each individual, including myself, could come up with his or her own definition, each one of which could be in contrast to the definitions that are provided by experts in the field. To be sure, it is important to have an understanding of the definition of marketing to be able to comprehend the importance of marketing to businesses. Personal Definition * I must admit that, if pressed to come up with a personal definition or marketing, my thoughts first turn to the concept of advertising. I tend to want to make the terms interchangeable. I picture in my mind media-produced images of 1960s ad men sitting around smoky rooms developing ways to convince consumers to buy the latest vice, or I think of modern advertising developers exercising limited acting skills to convince clients to let them sell the clients' wares. Logically, I know that marketing is much more than advertising. I know that marketing involves detailed research and knowledge of subjects such as demographics and statistics and, I think I am safe to say,...
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...Defining Marketing paper Marketing is a tool that proactive businesses use when targeting a market for a product, advertising the product, determining the competition, and achieving customer satisfaction. Included in this paper are definitions of marketing, and a personal definition. In addition, the importance of marketing in organizational success and world examples of organizations and their marketing practices are discussed. Definitions of marketing Marketing is a concept that is always growing and changing, and definitions of marketing seem to be written each day. Marketing is defined by a diverse collection of methods and definitions, based upon the businesses media platform and the audience that it reaches. Many marketers have different definitions of marketing. Marketers base their definitions on their business practices and what they do differently. One definition of marketing comes from the American Marketing Association (AMA). The AMA defines marketing as “the activities of processing and creating the communication, dispatching, and offering customer exchanges that benefit the partners, customers and society at large” (Cohen, 2011). A short and to the point definition comes from Jay Baer president of Convince and Convert, marketing is “the conveying of messages and actions causing messages and actions” (Cohen, 2011). Another definition of marketing and one this individual affirms is “the creation of satisfying and beneficial relationships between consumer and...
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...Defining Marketing Paper Student Mkt/421 January 16, 2011 Defining Marketing Paper Marketing is a vital part of product sales and consumer shopping. Often marketing groups place consumers into target groups, without their knowledge, to develop the best strategy for the sale of products. Many people believe that Marketing is just advertising and placing ads in newspapers, on television, the radio, and billboards. Although advertising is an important part of marketing, it is not all there is to it. Marketing starts at a products development and continues to the consumer’s purchase. Within this paper marketing will be defined and its importance explained. Marketing Definitions Until this course I thought of marketing as the advertising and sales of products or services. I thought that marketing was putting ads and campaigns together for the purpose of attracting people to a product or service. After beginning this course I have learned that marketing is much more than advertising, it also plays a role in production and the product flow from provider to consumer. Marketing is valuable to sales because it tells the customer that the product is available, where it can be found, how much it cost, and where the advertisement and placement of the product should be. The "American Marketing Association" (2007), definition is "Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have...
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...Integrated Advertising, Promotion and Marketing Communications, 5e (Clow) Chapter 4 The IMC Planning Process 1) For many individuals, pets are now considered to be part of the family and as a result are treated like children. Answer: TRUE Diff: 1 Page Ref: 80 Question Tag: Definition (Concept) Objective: 4-1 2) Companies that sell pet-related products have had to change what they sell as attitudes towards pets has changed. Answer: TRUE Diff: 1 Page Ref: 80 Question Tag: Definition (Concept) Objective: 4-1 3) PetSmart operates a large number of retail outlets and has begun opening a series of pet hotels. Answer: TRUE Diff: 2 Page Ref: 81 Question Tag: Definition (Concept) Objective: 4-1 4) The IMC planning process begins with an analysis of a company's context, which is a review of their customers, target market, and product positioning. Answer: FALSE Diff: 2 Page Ref: 82 Question Tag: Definition (Concept) Objective: 4-1 5) Developing an integrated marketing communications plan requires the analysis of the three C's: customers, competitors, and communications. Answer: TRUE Diff: 2 Page Ref: 82 Question Tag: Definition (Concept) Objective: 4-1 6) The first step in the IMC planning analysis is the creation of a communications budget. Answer: FALSE Diff: 2 Page Ref: 82 Question Tag: Definition (Concept) Objective: 4-1 7) When conducting an analysis of customers, the marketing team should examine competitors' customers...
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...Marketing There are many definitions of marketing and there are also what other people think marketing is. I know for me I never fully understood what marketing was until I looked at other definitions of marketing. There is also importance to marketing when it comes to success. I think that marketing is very important when it comes to success because without marketing there would be a lot to question and companies would not exactly know who their target customers are. I would say that my take on marketing involves advertising most if all. Marketing would be planning on how to sell your product which celebrities to use in your commercials and ads. I would also say that marketing involves research on who is more likely to buy your products compared to everyone else. According to “Definition of Marketing” (n.d.), “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.” Marketing is the activities of a company associated with the buying and selling of a product or service which includes advertising, selling, and delivering products to people ("Marketing Definition ", n.d.). According to "Marketing Definition" (n.d.), “People who work in marketing departments of companies try to get the attention of target audiences by using slogans, packaging design, celebrity endorsements, and general media exposure.” Even the...
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...Defining Marketing April E. Newsom University of Phoenix March 19, 2012 Introduction Good marketing is the key reason organizations are successful. This report will go over three definitions of marketing. The first will be my personal definition, and there will be two other sources for their definition of marketing. The next part will be the explanation of why marketing is important for organizational success. Finally the paper will give a few examples to explain the importance of marketing. Personal definition of marketing and definitions from two different sources for marketing My personal definition of marketing is the strategy an organization uses to sell their products. There is much involved in coming up with a marketing plan for organizations, such as the best form of advertising and how to present a product so the customers will want to purchase this product instead of someone else’s. First definition, according to one article from the electronic readings for this week, marketing includes the activities of all those engaged in the transfer of goods from producer to consumer, not only those who buy and sell directly, wholesale, and retail but also those who develop, warehouse, transport, insure, finance, or promote the product, or otherwise have a hand in the process of transfer (Marketing, 2008). Second definition, marketing is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing...
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