Mkt 421 - Defining Marketing

Defining Marketing

Corrine Oliver

MKT/421 Marketing

September 17, 2012

Joseph Roskoski

Defining Marketing

People mostly think of marketing as it relates to the finished product, the television commercial, the radio spots, billboard advertisements but that's not all there is to it, it is understanding the product, the competitors, and the customers and then presenting the product in such a way as to convenience the consumers that is the best product for them and in turn bring a profit to the company and the stockholders. I believe marketing is presenting a product in such a way that the consumer will want to try it, it is advertising in such a manner that the consumer believes that this product is better one out of all the similar products on the market. We see some form of marketing on a daily basis that sells the product to us. Marketing is part of everyday life and is very important to the economic growth of an organization and the economy at large. This paper will define marketing and explain its importance in the business world today.

What is marketing?

"Marketing is the process of planning and executing the conception, pricing, promotion and distributions of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives" (Boone & Kurtz, 1998). In the dictionary marketing is described as the act or process of selling or purchasing in a market (Merriam-Webster). Boone & Kurtz definition is known as the "Marketing Mix", the four P's, of marketing product, pricing, place, and promotion. The combination of these four characteristics gives marketing managers the tools needed to satisfy his or her customers. "Marketing is the process of interesting potential customers and clients in your products and/or services" (About Inc. 2008), is another definition of marketing. Marketing involves analyzing the consumer needs, predicting his or her wants, and determining how many consumers will be interested in the product for sell. Establishing the location with the greatest need for the goods and services, the means of transporting the goods and services to the location. Then deciding the promotion that will best present the product to the consumer and gauging its effectiveness against the competition.

Why is marketing important?

In today's business world marketing is one of the most significant tools used so a business or organization can receive business. Marketing brings the product to the consumer through commercials,