Mkt 421 - Defining Marketing

Defining Marketing Paper

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MKT 421 Week 1

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Defining Marketing Paper

Marketing knows what the consumer wants and how much he or she will buy when a product or service first presents itself into the economy. 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 potently adds 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 bringing them good quality products.

Examples

Depending on whom a person talks to depend on the answer one will receive concerning marketing and its meaning. This author believes the meaning consists of the relationship between the company and the consumer, the way the company presents the product or service determines if the consumer purchases the product or service and stays with the company or not.

Marketing can be offering products or services in trade for something of equal value. According to Perrault (2009), "Marketing is the performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need satisfying goods and services from producer to customer or client" (Basic Marketing: A marketing strategy planning approach p. 6 para. 8). With additional reading from Sigue (2007), "s "Marketing researchers frequently examine the effects of product promotions on sales, changes in consumer demand, and firm profitability" (Price Competition during and after Promotions, para. 2).

Demands of consumers

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 did not like the product and will not recommend it to anyone. 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