Premium Essay

Market Definition Paper

In: Business and Management

Submitted By whyme32
Words 921
Pages 4
Definition of marketing
One could pose a simple request like “Define Marketing” and you would have a barrage of answers as unique as the individual defining the word. For this paper I will present two definitions, as well as present my personal definition or understanding of the marketing. To begin, Merriam-Webster Dictionary defines marketing as “the process or technique of promoting, selling, and distributing a product or service” (Merriam-Webster, 2012). This definition is clear and pretty simple to comprehend. Next, the class textbook, Marketing Management, defines marketing as “the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals” (Kotler, 2012). This definition lends a more academic view, but still is comprehendible and simply stated. After reading and reviewing the above definitions, I have come to my own personal definition. Marketing, as defined by Carla Posey, is the process which encompasses everything involved with the purchasing and selling of services and goods. This includes all work and research to effectively satisfy the needs and wants of the consumer.
Importance of Marketing
Marketing is important because it is the little voice to the consumer that says “hello, I know you need me and I want to give it to you”. A successful company has caught your attention and you have shown appreciation by buying into that brand. This is a key element in marketing to being successful and understanding marketing. For a company to enjoy the spoils of success, the company should experience its own success, the company needs to continuously grow, produce, and maintain profitability. If this does not happen, the company could become stagnant place of broken dreams. Based on the definitions presented earlier in this paper, a company...

Similar Documents

Premium Essay

Born Global Literature

...THE BORN GLOBAL LITERATURE The emerging scholarly literature presents born global firms as an entirely new phenomenon. Traditionally, international business scholars have argued that firms venturing abroad follow a set process of development, beginning at home, with clearly defined stages which unfold sequentially.12 This conventional view was challenged by Oviatt and McDougall’s seminal 1994 analysis,13 which argued that these firms commence their internationalisation at inception, because local competitive forces prevent them from beginning operations within their domestic economies. Additionally, focus Oviatt and McDougall maintained that internationalising firms focus on controlling resources rather than owning them. Traditional international business theory was also questioned by the ‘innovation models’ approach, which identifies managerial innovations within the firm as the driving force of international expansion.14 The observations made in the present investigation accord in part with both the established view of internationalisation and its critics, as the additional extension of born global firms beyond exporting is characterised by impersonal processes as well as entrepreneurship. What is evident, however, is that the firms examined here did not follow a linear path of expansion. Rather, the processes they went through often occurred simultaneously and in a compressed period of time. Existing literature on born global firms lapses......

Words: 4748 - Pages: 19

Premium Essay

Marketing Strategy

... Strategic Marketing. A literature review on definitions, concepts and boundaries Jorge Mongay Autonomous University of Barcelona, SBS Swiss Business School 2006 Online at MPRA Paper No. 41840, posted 9. October 2012 20:07 UTC WORKING PAPER. JM-A1-2006 STRATEGIC MARKETING: A LITERATURE REVIEW ON DEFINITIONS, CONCEPTS AND BOUNDARIES. Dr. Jorge Mongay Autonomous University of Barcelona (UAB) & SBS Swiss Business School 1 WORKING PAPER. JM-A1-2006 Summary 1. Definitions of strategic marketing 2. Aspects of Strategic Marketing 3. Factors in Strategic Marketing 4. Elements of Marketing Strategy 5. Intersections with others disciplines 5.1. Intersection between Strategic Marketing and Marketing Tactics 5.2. Intersection between Strategic Marketing and Corporate Strategy 5.3. How does it Strategic Marketing fit into Corporate Strategy? 6. Final conclusions of the paper 7. References 2 WORKING PAPER. JM-A1-2006 1. STRATEGIC MARKETING AND ITS DEFINITIONS Although most authors speak about some parts of Strategic Marketing, here is included a list of definitions of the term. Some authors appear in different years ( for example, Jain), It is understand that they have added new comments or redefined the term after the years. The table and the definitions have been ordered by year of publication. Author Year Definition Drucker 1973 “ Strategic marketing as...

Words: 11185 - Pages: 45

Premium Essay

Development Research

...the question papers 2.2 Detail of question papers 4 4 4 3. CONTENT 6 4. CONCLUSION Copyright reserved 25 Please turn over Economics 1. 3 Examination Guidelines DBE/2014 INTRODUCTION The Curriculum and Assessment Policy Statement (CAPS) for Economics outlines the nature and purpose of the subject Economics. This guides the philosophy underlying the teaching and assessment of the subject in Grade 12. The purpose of these Examination Guidelines is to: • • Provide clarity on the depth and scope of the content to be assessed in the Grade 12 National Senior Certificate (NSC) Examination in Economics. Assist teachers to adequately prepare learners for the examinations. This document deals with the final Grade 12 external examinations. It does not deal in any depth with the School-Based Assessment (SBA). This guideline should be read in conjunction with: • • • The National Curriculum Statement (NCS) Curriculum and Assessment Policy Statement (CAPS): Economics The National Protocol of Assessment: An addendum to the policy document, the National Senior Certificate: A qualification at Level 4 on the National Qualifications Framework (NQF), regarding the National Protocol for Assessment (Grades R–12) The national policy pertaining to the programme and promotion requirements of the National Curriculum Statement, Grades R–12 Copyright reserved Please turn over Economics 4 Examination Guidelines 2. ASSESSMENT IN GRADE 12 2.1 DBE/2014 FORMAT OF THE......

Words: 5874 - Pages: 24

Free Essay

Food Packaging in Nigeria: Roles, Materials and Environmental Issues

...INTRODUCTION: There is a general belief that packaging of Nigerian food products lacks the quality that can make them competitive in the local and global markets. Although some of the locally made products are considered to be of high quality and unique, but it is still very unfortunate that they are not accepted as good packaged food products, to enable them to be sold successfully in the local and global markets. Most of the packaging materials used are not environmentally-friendly, they are not designed properly while others get their food products spoilt, as a result of poor packaging system, leading to huge capital losses to manufacturers of such products, not to talk of the huge environmental problems caused by non-biodegradable materials used. The problem of poor packaging of locally made food products took a centre stage, after the Nigeria Export Processing Zone Authourity Decree 1992 was established by the Nigerian government to assist the export of Made-in-Nigeria products to the global market. It was then discovered that most of the exported food products to the international market could not be sold because of some of the above mentioned issues. Many efforts have been made by the various stakeholders in the packaging and export sector ever since to solve the poor packaging problem of locally made food products. In spite of all these efforts, the problem still persists. There are many factors that may contribute to poor or substandard packaging. Factors such as......

Words: 4456 - Pages: 18

Premium Essay

Reading Defining Next-Generation Products an Insidelook

...gaps in the market that their next-generation products would create. The root cause problem was in the product definition phase and not spontaneously; all the successful companies have learned how to handle the technical and marketplace uncertainties in their product definition processes. Paper describes the actions of companies used as best practices which can improve the definition phase of any company's product-development process. They have grouped the techniques into three categories and carefully lay out the steps that companies need to take as they work through each stage. They can help companies capture new markets without major delays and tools used by managers facing the uncertainty that goes with developing products for a global marketplace. The product strategy being first step to create a clear map of company’s product stream for next 2 years. The challenge is to keep no holes for competitors to exploit opportunities. This step defines the product streams to include both products and their derivatives and it may not be final and can be revised at various miles stones in future. The second step to develop project organization which could efficiently execute. There are three important aspects discussed in this paper. First is project team’s willingness to take the challenge and successfully convert the development of new platform products to their business units. Next to design the perfect size of team along with right blend of skills from definition to......

Words: 1205 - Pages: 5

Premium Essay

Fair Value Project Summary of Iasb and Fasb

...Project Summary Background The objective of this project is to provide guidance to entities on how they should measure the fair value of assets and liabilities when required by other Standards. This project will not change when fair value measurement is required by IFRSs. Discussion at the September 2005 IASB Meeting At the September 2005 meeting, the IASB added the Fair Value Measurements topic to its agenda. The aim of the project is to provide guidance to entities on how they should measure the fair value of assets and liabilities when required by other Standards. This project will not change when fair value measurement is required by IFRSs. Discussion at the November 2005 IASB Meeting The staff conducted an education session on the FASB's working draft of a final Statement on Fair Value Measurements. In addition, the staff reviewed the scope of FASB's Fair Value Measurements project as it relates to IFRSs and the issues and questions to be addressed in preparing an IASB Exposure Draft and related Invitation to Comment. No decisions were made. At a previous meeting, the Board decided to issue the FASB's final Statement on Fair Value Measurements as an IASB Exposure Draft with an Invitation to Comment. The appendices in the FASB document dealing with consequential amendments and references to US GAAP pronouncements will be replaced with proposed consequential amendments and references to IFRSs. The Board further decided that there should be limited changes to the......

Words: 21364 - Pages: 86

Premium Essay

Management of Hrm in Hospitality

...Critically evaluate the usefulness of definitions of Human Resource Management in understanding the Hospitality Industry Human Resource Management (HRM) has been placed, at least in terms of prescriptive theory, above all the other primary activities of a business and the importance of HRM to businesses in general has been argued to be central and fundamental in order to better enable their business activities and for the fulfilment of their business objectives. In discussing the Resources, Competences and Strategic Capability of Businesses, Johnson and Scholes (1997, Ch 4, p147), say of HRM - “This is a particularly important area which transcends all primary activities. It is concerned with those activities involved in recruiting, managing, training, developing and rewarding people within the organisation”. Others have found evidence that HRM practices can significantly improve a firms performance and for example Dessler (2000 p18) cites research which claims as much as 30% differences (improvements) in financial performance which were attributed to differences in HR practices in banks. He continues to note a study (p 19) which identifies that in 97 metalwork manufacturing plants “Similar evidence of the HR-Performance link has been found”. Elsewhere, as Redman and Wilkinson, Editors (2001 Ch 1, p10) point out, Strategic Human Resource management (SHRM) theory holds that “an organisation’s human resource assets are potentially the sole source of sustainable......

Words: 2628 - Pages: 11

Premium Essay

Definition of Globalization

...Program on the Geopolitical Implications of Globalization and Transnational Security Definitions of Globalization: A Comprehensive Overview and a Proposed Definition Dr. Nayef R.F. Al-Rodhan Senior Scholar in Geostrategy and Director of the Program on the Geopolitical Implications of Globalization and Transnational Security Geneva Centre for Security Policy Ambassador Gérard Stoudmann Director Geneva Centre for Security Policy June 19, 2006 To comment, please email Ms. Bethany Webster at All copyrights are reserved by the authors. Avenue de la Paix 7bis P.O. Box 1295 CH-1211 Geneva 1 Telephone Telefax +41 22 906 83 17 +41 22 906 16 49 Dr. Nayef R.F. Al-Rodhan Ambassador Gérard Stoudmann Definitions of Globalization: A Comprehensive Overview and a Proposed Definition Abstract Many authors have attempted, with relative success, to define globalization in a variety of ways. Some claim that it cannot be done, others claim that it would constrain the meaning to do so, and still others have defied these two beliefs and have constructed a working definition. Despite differing opinions about developing a definition, all authors agree on one thing: that defining this term is anything but easy. This paper will attempt to provide a comprehensive overview of the existing definitions of globalization and introduce our proposed definition: “Globalization is a process that encompasses the causes, course, and consequences......

Words: 12255 - Pages: 50

Premium Essay

Smes in Ghana

...conducted in recent years in developed markets, including the Freedman studies done in the United Kingdom, confirm that small businesses account for the highest number of registered companies and make significant contributions to economic growth and prosperity. In Ghana, readily available data on SMEs is scarce but statistics from the Registrar General’s Department suggests that 92 per cent of companies registered are micro, small and medium enterprises. SMEs in Ghana have also been noted to provide about 85 per cent of manufacturing employment, contribute about 70 per cent to Ghana’s GDP, and therefore have catalytic impacts on economic growth, income and employment. It is estimated that SMEs employ 22% of the adult population in developing countries (Daniels, 1994; Daniels & Ngwira, 1992; Daniels & fisseha. 1992; Fisseha. 1992; Fisseha & Mcpherson, 1991; Gallagher & Robson, 1995 and Kayanula & Quartey, 2000). The sector employs about 15.5% of the labour force in Ghana (Parker et al, 1994), has experienced higher employment growth than micro and large – scale enterprises. Definition of SMEs There is no single, uniformly acceptable definition of a small firm (storey, 1994). Firms differ in their levels of capitalization, sales and employment. Hence, definitions that employ measures of size (number of employees, profitability, net worth, etc.) when applied to one sector could lead to all firms being classified as small, while the same size definition when applied to a......

Words: 1637 - Pages: 7

Premium Essay

Mr. Morteza Mashayekhi

...E- Market Orientation as a result of Integrating electronic marketing with market orientation concept Morteza Mashayekhi and Amir Ekhlassi Abstract The aim of this paper is to show the relationship between electronic marketing and market orientation. This paper intends to integrate these concepts and draw a framework for e-market orientation as a new paradigm in business. So it is necessary to introduce both e-marketing and market orientation and review the literature related to them. We begin our literature overview with e-marketing and then we turn to introduce the concept of market orientation. Finally, we illuminate the impact of e-marketing on market orientation and introduce the concept of e-market orientation as a new approach in implementing marketing concept with the aid of the internet. Key words: electronic marketing - market orientation – e-market orientation 1. Introduction to e-marketing Electronic marketing is the transfer of goods or services from seller to buyer that involves one or more electronic methods or media. [3] E-marketing includes the management of the consumer’s online experience of the product, from first encounter through purchase to delivery and beyond, but it isn’t just another addition to the marketing mix, another tool in the box. Instead they point out that the way people communicate is permanently changing the way that markets work. [2] E-marketing also can be defined as the use of electronic channels......

Words: 4163 - Pages: 17

Free Essay

Integrated Marketing Advertising and Politics

............................. 3 2. SUMMARY OF RESEARCH FINDINGS AND THE APPLICATION OF ADVERTISING THEORY TO POLITICS .............................................................................................................................. 5 A. B. C. D. E. 3. 4. Advertising, Promotion, and Other Aspects of Integrated Marketing Communications (Shrimp & Andrews) 2013 .............................................................. 5 Advertising Theory (edited by Shelly Rodgers & Esther Thorson) 2012 .................. 6 Advertising and Society – Controversies and Consequences (edited by Carol J. Pardun) 2009............................................................................................................... 7 Advertising and the Market Orientation of Political Parties Contesting the 1999 and 2002 New Zealand Election Campaigns. ..................................................................... 7 Political Campaign Communication Principles & Practises (Trent and Friedenberg 2008) ............................................................................................................................ 9 IS ADVERTISING THEORY RELEVANT TO POLITICAL ADVERTISING? ............................ 9 CONCLUSION .............................................................................................................. 10 APPENDIX...

Words: 3318 - Pages: 14

Premium Essay

Defining Supply Chain

...JOURNAL OF BUSINESS LOGISTICS, Vol.22, No. 2, 2001 1 DEFINING SUPPLY CHAIN MANAGEMENT by John T. Mentzer The University of Tennessee William DeWitt The University of Maryland James S. Keebler St. Cloud State University Soonhong Min Georgia Southern University Nancy W. Nix Texas Christian University Carlo D. Smith The University of San Diego and Zach G. Zacharia Texas Christian University “Management is on the verge of a major breakthrough in understanding how industrial company success depends on the interactions between the flows of information, materials, money, manpower, and capital equipment. The way these five flow systems interlock to amplify one another and to cause change and fluctuation will form the basis for anticipating the effects of decisions, policies, organizational forms, and investment choices.” (Forrester 1958, p. 37) Forrester introduced a theory of distribution management that recognized the integrated nature of organizational relationships. Because organizations are so intertwined, he argued that system dynamics can influence the performance of functions such as research, engineering, sales, and promotion. 2 MENTZER, DeWITT, KEEBLER, MIN, NIX, SMITH, AND ZACHARIA He illustrated this phenomena utilizing a computer simulation of order information flow and its influence on production and distribution performance for each supply chain member, as well as the entire supply chain system. More recent replications of this phenomenon include the......

Words: 1750 - Pages: 7

Premium Essay

Mkt421 Week 1 Individual Assignment

...MKT421 WEEK 1 Individual - Defining Marketing Paper Write a 700- to 1,050-word paper in which you define marketing. • Include your personal definition of marketing and definitions from two different sources. • Explain the importance of marketing in organizational success, based on these definitions. • Provide at least three examples from the business world to support your explanation. Properly cite sources used in the paper. Format your paper consistent with APA guidelines. Defining Marketing Paper University of Phoenix Marketing Defining Marketing When individuals are asked to define marketing, chances are that, most of their responses, will be different. Creativity can be liable for the broad spectrum of answers one would get. This paper will cover various aspects of marketing including a personal definition of marketing and definitions from two different sources, an explanation of the importance of marketing in organizational success, and three examples from the business world to support such explanation. Definitions My interpretation of marketing is the way a business decides to promote their brand, the strategy that they use to reach out to their customers and intended end users. Although creativity plays a large role in marketing, research is also a key factor; if a company does not know its market, then its marketing will be unsuccessful. According to Kotler and Keller marketing is defined as “the activity, set of......

Words: 1154 - Pages: 5

Premium Essay

Maxmizse Profits

...Maximizing Profits Jay Sampson Maximizing Profits in Market Structures Paper This paper will discuss an organization that utilizes a competitive structure called Oligopoly. Characteristics of each market will be defined as well as how prices are determined in regards to how profits are maximized. Competitors of this organization will be defined and how collusive agreements are formed. Determinations will be made in regards to output barriers will be discussed. Oligopolies are also known as imperfect competitions. Concentration ratios are often determined in these markets because most markets have four firms that are counted on but in the automotive industry, there are a few more. Concentration ratios are defined as the “total output in the market supplied by the largest firms” (Mankiw, 2007). The automotive industry is considered oligopoly because it is only so many firms in the United States who manufacturer automobiles. Oligopoly is defined as a “market structure in which only a few sellers offer similar or identical products” (Mankiw, 2007 p.346). Another definition for oligopoly would be that it is a “market condition in which sellers are so few that the actions of any one of them will materially affect price and have a measurable impact on competitors” (, 2011). The organization that has been chosen for this paper is the automotive industry. The automotive industry would be considered an oligopoly because there are only certain......

Words: 556 - Pages: 3

Free Essay

The Measurement of Gross Domestic Product

...meaning of gross domestic product in general terms, let’s be more precise about how this statistic is measured. Here is a definition of GDP that focuses on GDP as a measure of total expenditure: • Gross domestic product (GDP) is the market value of all final goods and services produced within a country in a given period of time. This definition might seem simple enough. But in fact, many subtle issues arise when computing an economy’s GDP. Let’s therefore consider each phrase in this definition with some care. “GDP Is the Market Value . . .” You have probably heard the adage, “You can’t compare apples and oranges.” Yet GDP does exactly that. GDP adds together many different kinds of products into a single measure of the value of economic activity. To do this, it uses market prices. Because market prices measure the amount people are willing to pay for different goods, they reflect the value of those goods. If the price of an apple is twice the price of an orange, then an apple contributes twice as much to GDP as does an orange. “. . . of All . . .” GDP tries to be comprehensive. It includes all items produced in the economy and sold legally in markets. GDP measures the market value of not just apples and oranges but also pears and grapefruit, books and movies, haircuts and healthcare, and on and on. GDP also includes the market value of the housing services provided by the economy’s stock of housing. For rental housing, this value is easy to......

Words: 950 - Pages: 4