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" (2006). The Center for Media Literacy defines marketing as "The way in which a product or media text is sold to a target audience" (2003). Marketing is a critical element of the business organization. Marketing is more than simply promoting and selling a product. Successful marketing is satisfying the changing needs of the customer.
The purpose of this paper is to define marketing from at least two different cited sources and personal experiences. Based on these definitions, this paper will explain the importance of marketing in organizational success. In addition, this paper will outline and provide at least three examples from the business world of the importance of marketing to the overall organizational success.
The Importance of Marketing
In order to understand the needs of the customer, the business should implement a clear, concise 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 customer needs that offer adequate potential profitability. A good strategy helps a business focus on the target markets it can serve best" (SBA Marketing Basics, 2006).
The company may have a wonderful product they feel will rampantly sell, however if the product or service does not fit the needs of their potential and current customers at the offered price, then the company needs to revisit the marketing strategy and revise the marketing plan so that the product or service does spark the...