When asked for a definition of the term marketing, one may receive as many definitions as there are people. Each organization has its own idea of what marketing means. Many organizations develop a marketing strategy stemming from their own mission statements, which results in a unique definition of marketing. This work will focus on a personal definition of marketing, as well as a few formal definitions of marketing, in addition to its importance in organizational success.
On a personal level, the definition of marketing takes into consideration a product or service reaching its target audience, the effectiveness of which is measured by the acknowledgement of that receipt, for example in sales generated. Achieving that goal starts with a good marketing strategy, researching demographics, and effectively using budgetary resources to guide the project are essential before moving forward with advertising the product or service.
“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” (American Marketing Association, 2007).
The American Heritage Dictionary's Definition of Marketing is “The commercial functions involved in transferring goods from producer to consumer”(2008). Merriam Webster's Marketing Definition is “the process or technique of promoting, selling, and distributing a product or service” (2008).
The marketing definition From MSN Encarta Dictionary states it is “the business activity of presenting products or services to potential customers in such a way as to make them eager to buy. Marketing includes such matters as the pricing and packaging of the product and the creation of demand by advertising and sales campaigns” (2008).
Importance of Marketing
Many times the marketing of a product is the sole reason a...