Define Marketing Marketing is a critical element of the business world and is more than simply promoting and selling a product. Successful marketing is satisfying the ever-changing needs of the customer. There are many definitions for marketing. The Department of State and Regional Development defines marketing as "finding out what customers want, then setting out to meet their needs, provided it can be done at a profit. Marketing includes market research, deciding on products and prices, advertising, promoting, distributing and selling" (NSW Small Business, 2007). The Center for Media Literacy defines marketing as "The way in which a product or media text is sold to a target audience" (2007). In the following paragraphs I will explain the importance of marketing and provide three examples from the business world which show the importance of marketing to the overall organizational success.
The Importance of MarketingIt is very important for a business to understand effective marketing and that what may work for one company may not work for the other.
To be able to satisfy the needs of target customers an organization must be able to organize all the variables into an effective marketing mix. A widely used strategy which helps with this concept is the strategy of the four P's, which are product, place, price and promotion. This strategy helps the organization understand what they are selling, where they are selling, how much they are selling it for, and to whom they are selling their product to.
Understanding the needs and desires of the customer is probably the most important piece of any marketing strategy. "A marketing strategy identifies customer groups which a particular business can better serve than its target competitors, and tailors product offerings, prices, distribution, promotional efforts, and services toward those market segments. Ideally, the strategy should address unmet...