Marketing is an imperative function within each and every business organization and takes a significant amount of planning to promote and ultimately sell a product or service. The purpose of this paper is to define marketing from at least two different sources and include my definition of marketing as well. The importance of marketing in organizational success will also be explained. Three examples from the business world of the importance of marketing to the organizational success will also demonstrate the overall importance.
Definitions of Marketing
My personal definition of marketing is the process that is involved to successfully promote and sell a product or service. I realize there are many different forms of marketing and ways to promote or sell a product or service. Those who are in the marketing field need to find the most successful ways to get the best results. According to the American Marketing Association, marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives (Wikipedia, 2007).
Investopedia states that marketing consists of fundamental ideas that can be described by, "The four 'Ps' of marketing, product, place, price and promotion" (Investopedia, 2007). Defining the market and the strategies used to accommodate the company to the target market is the most important aspect of marketing. Professional researchers use these six modes - advertising, direct marketing, events and experience, personal selling, public relations and publicity, and sales promotion. Each segment covers different ground within any given environment placing a mix on the variety of options that are available.
Importance of Marketing
The ultimate goal of marketing is to match a company's products and services to the people who need and want them, thereby ensure profitability (Investopedia, 2007). Often times, companies...