Mkt 421 - Defining Marketing Paper

MKT 421

Defining Marketing Paper

University of Phoenix

Date: xxxxxxxx

Instructor: xxxxxx

Marketing can be defined as the process by which organizations target and relate to customers, and create strategies to use in sales and business development. Organizational success depends heavily upon effective marketing. At second glance however, marketing involves much more.

"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 is not just about selling a product. "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 the same way the next time (William D. Perreault, 2009)."

Thus, if marketing allows an organization to formulate a product that consumers will purchase, marketing plays a critical role in organizational success. "Financial success often depends on marketing ability. Finance, operations, accounting, and other business functions will not really matter if there isn't sufficient demand for products and services so the company can make a profit (Philip Kotler, 2009)."

Examples of how marketing contributes to organizational success are plentiful. An aerospace company such as Sikorsky Aircraft is always fighting to make sales and win contracts. Its success is due in part to successful marketing. For example, Sikorsky has established a proven military and commercial track record by upholding high performance and safety ratings. Additionally, Sikorsky has one of its aircraft in a staple market placement; the medium lift workhorse of the American army. Because of these factors, military and commercial customers on a global scale consider Sikorsky first when in the market for rotary aircraft. This is an example of a product "selling itself", a key factor of effective marketing.

Many companies find organizational success due to aggressive brand marketing. Brand marketing increases the perceived value of a brand name to consumers. A familiar clothing company called the GAP finds value in marketing their name