Marketing serves as a big necessity to the successful function of any 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. This paper will present several different definitions of marketing, and in addition, the importance of marketing in organizational success will be explained and supported by examples.
Definitions of MarketingIn my own words I would define marketing as advertising and collaborating on new ideas to help promote a product or service, which can include product packaging, product aesthetics, or advertisement through commercials, print ads, and coupons. In addition, marketing involves highly developed processes in which data is gathered to analyze how a product or service can fit into the consumer market and appeal to the wants and needs of specific customers.
Susan Ward (n.d.), a guide for About.com, defines marketing as "the process of interesting potential customers and clients in your products and/or services" (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. Investopedia (n.d.) defines marketing as, "the activities of a company associated with buying and selling a product or service; it includes advertising, selling and delivering products to people" (para. 1).
Importance of Marketing in Organizational SuccessJudging from the above definitions it is easy see why it is so crucial for businesses all over the world to create and present products and services that consumers desire or at least provide some type of value to them. In addition, most companies have to vie for the attention of potential...