According to Pando, Papantaniou, and Nicolaides (1992), "three decades have passed since "marketing" began to be practiced in many parts of the world, it still challenges and confuses those wishing to study it or, simply, to fully understand it" (p. 1). This paper will define marketing from at least two different sources as well as a personal definition. Based on these definitions the importance of marketing in organizational success will also be explained. Lastly, this paper will provide at least three examples from the business world to support the explanations.
Definition of MarketingDefining marketing is having the ability to sell and promote a product based on consumer needs. Kotler and Keller (2006) define marketing, as ". . . identifying and meeting human social needs" (p. 5). The American Marketing Association (AMA) defines marketing as " 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" (p.
Market Street
Diversification (marketing strategy)
English: Taken during Auto Expo 2008 New Delhi1).
Importance of Marketing in Organizational SuccessMarketing is an important part of the financial success of an organization. The object of marketing is to identify what the consumers want or need and market this product in a way that gets the attention of the consumer so that the product will sell. This will require the organization to have a marketing strategy that will target and grab the attention of potential consumers. The U.S. Small Business Administration (SBA, nd) identifies a strategy as, ". . . identifying customer groups which a particular business can better serve than its target competitors, and tailors product offerings, price, distribution, promotional efforts, and services towards those segments" (p. 1).
An organization needs to ensure that the product or service that is being promoted is what the consumers need. If...