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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...

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