Mkt 421 - Defining Marketing

Defining Marketing

Carol Pine

MKT 421

January 9, 2012

Heather Teague

Defining Marketing

Marketing is an important tool to any business. Every business needs to have a marketing strategy to get the information about their products and services out to the consumers so they can choose to buy their products or services. Without marketing, consumers would not know what kind of products or services the company offers. This research will define what marketing is, describe the importance of marketing, and show some example from real life companies on how they use marketing.

Definition of Marketing

Marketing is the advertising a company uses to get the information about products and services out to the consumers. Using marketing will help give the consumers the opportunity to research companies and decide which company will work best for their needs.

Marketing power Inc describes marketing as "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 power inc 2012). When a company uses marketing, they have to do a lot of research to determine what kind of ads they are going to use to get word of their products or services out to the consumers. There are times when this research could takes weeks or months in order to come up with the best marketing plan.

Another definition for marketing is "The management process through which goods and services move from concept to the customer. As a practice, it consists in coordination of four elements called 4P's: (1) identification, selection, and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy" (Business directory 2012). Another good point this website pointed out is that basically, marketing is used to think about the business in the terms of the needs and the satisfaction of the customers. Marketing is a technique to get customers to spend their money on the product or service that each business offers.

The importance of Marketing

Marketing is very important in many aspects of a business. Marketing will affect several different areas of a business like accounting, finance, operations, and production. If there is not a market for an item then producing that item is not a good idea. If the item is not being produced and sold, then it affects the finance and accounting