This paper will provide three definitions for marketing, starting with the writers own definition. Two definitions will be included from external sources. The importance of marketing for a business will be discussed. Finally, three examples from the business world will be offered to support the presented explanation.
DefinitionAn attempt to provide a brief definition of marketing: Matching a business' products and or services, or potential products and or services, to a group of customer's wants or needs. While this definition concise, the nuance of the art of marketing is considerably more difficult to define accurately. The following definition is found on the American Marketing Association's (AMA) website:"Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large" (AMA, 2008).
This definition was found while searching the Internet and the quotes come from Woodmen of the World's website.
"The way a business organization identifies its customers, defines and develops the products or services that its customers want, and sells and distributes those products or services to customers". ["Woodmen of the World is one of the largest fraternal benefit societies with more than 810,000 members who belong to more than 2,000 lodges across the United States and conduct volunteer projects that benefit individuals, families and communities"] (Woodmen of the World, 2008).
ImportanceThe importance of marketing cannot be overstated; marketing is all. Marketing is the identification of what people need and knowing their habits. Marketing is developing solutions for identified opportunities. Marketing is also the process of making people believe that they will receive a benefit if they purchase the product offered. Marketing is satisfying the customers. Marketing is about understanding a market and filling need. Marketing is selling products at a price that provides profit.