Marketing serves as a big necessity to the successful function of business. Improper marketing tactics or poor marketing analysis may prove to be a catalyst to unsuccessful business ventures. Successful businesses are sure to keep marketing tactics and data organized and up to date to keep a competitive edge in the rapidly changing business environment. The contents of this paper will provide several definitions of marketing. The first of which is a personal definition. The additional definitions will come from two different sources. In addition, there will be a brief explanation based on those definitions, about the importance of marketing in organizational success. Included with the explanation will be three, real life business examples.
Personal Definition of MarketingThere are a few meanings that come to my mind when thinking of trying to define marketing. The initial definition I would give would be that marketing involves advertising and collaborating on new ideas to help promote a product or service.
To me this can mean product packaging, product aesthetics, or advertisement through commercials, print ads, and coupons. However, behind all that I know that marketing also involves highly developed processes in which data is gathered to analyze how a product can fit into the consumer market and appeal to the wants and needs of specific consumers.
Other Definitions of MarketingSusan Ward a guide for About.com defines marketing as "the process of interesting potential customers and clients in your products and/or services" (n.d., para. 1). Ward goes on further to explain that the emphasis should be on the word "process" in her working definition because marketing involves research, promotion, sales, and distribution of the products or services (n.d.). Another definition of marketing comes from Investopedia in which they state that marketing are "the activities of a company associated with buying and selling a...