Mkt 421 - Define Marketing Paper

Defining Marketing Paper

Katrice Bottoms

MKT/421

December 19,2011

Instructor : Robert Harris

Organizations utilize marketing tools to establish a relationship with the consumer, what the consumer wants and how much the consumer will pay for a product, when a product or service first presents itself to the public. The American Marketing Association gives a formal definition from Kerin (2009) "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" (Marketing Management p. para. 5). Marketing is considering what the customer wants in the near future before the customer knows. This improves current customer relationships and establish new customers. Marketing includes many aspects of the community including for profit and nonprofit. The goals of a company are to establish a relationship with customers providing them good quality products.

Marketing is about the strategies and tactics you use to identify and cultivate the market for your products/services. The degree of importance is questionable based on the industry. In many businesses, marketing needs to be a core concern, and often the overriding concern when it comes to running a successful business. Marketing is the most important function in a business.

No marketing = no sales = no revenue = no business

Marketing is a very important aspect in business since it contributes greatly to the success of the organization. Production and distribution depends largely on marketing. Marketing covers advertising, promotions, public relations, and sales. It is the process of introducing and promoting the product or service into the market and encourages sales from the buying public. Sales refer to the act of buying or the actual transaction of customers purchasing the product or service.

The importance of good marketing depends on eight types of demands that show if the product or service is a success for the company making a profit or a loss. The demands include negative, nonexistent, latent, declining, irregular, full, overfull, and unwholesome. When a product or service shows a negative demand customers will not recommend the product/service to family or friends. A nonexistent demand can mean the advertising is not agreeable or customers do not want it. Latent demand means customers are looking for something he or she cannot find. Declining demand is people are tired of the same thing and decide to purchase it less often or not. Irregular demand consists of products or services bought occasionally like the time of the year. Full demand provides the same amount of product or service to consumers as the number of people looking for it. Overfull demand comes to play when a concert is in town and people want more product than is available. Unwholesome demand is an unsafe product or service that the consumer wants. Companies need to determine the best way to bring the customers in for the products and have a product or service that will keep