There are many definitions of marketing. Different sources define marketing in a different way; each definition however has the same basic meaning. The following will give my personal definition of marketing, followed by two definitions of marketing, an explanation of the importance of marketing in an organizations success, and three examples from the business world to support the explanation.
My personal definition of marketing is the process of getting a company's name in front of consumers and referral sources. Make the company's name the first thing you think about when you think of there product and services.
Marketing defined by Kotler "Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals" (Kotler, 2001).
Marketing, is described in the text Basic Marketing, gives two definitions for marketing; micro-marketing, and macro-marketing. Micro-marketing, as described in text is "the performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client" (Perreault and McCarthy, Jr.,
Market Street
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Market Square, Enniscorthy2004). Basically, micro-marketing focuses individual organizations.
Macro-marketing, as described in the text, is "a social process that directs an economy's flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society" (Perreault and McCarthy, Jr., 2004). Macro-marketing focuses on how the marketing system as a whole works in an economy.
Importance of marketing in an organizations successMarketing is the tool businesses use to making strategic decisions, by identifying growth opportunities and developing ways to exploit those opportunities. Successful marketing, will include conducting extensive research, branding the product, strategizing and planning, conduct product development, establish points of purchase, train...