Defining Marketing - MKT 421

Abstract

Every one knows that television commercials are advertisements and a company's way of marketing their product; but advertising is just a part of the marketing strategies and tactics used by the influx of businesses such as soft drink distributors, car dealerships, athletic shoe manufacturers, and fast food restaurants to get you (the consumer) to buy or use their product. So if advertising is just a piece of marketing, what is marketing? This paper will attempt to define the basics of marketing with the use of resources such as: Barron's Dictionary of Business Terms (Friedman, 1987); Principles of Marketing, 3rd ed. (Kinnear & Bernhardt, 1990); and Principles Part 1: About Marketing (electronic newsletter, www.KnowThis.com).

In addition, the importance of marketing in organizational success will be illustrated by utilizing examples of marketing strategies and tactics from three fast food companies, i.e. Taco Bell, Jack-in-the-Box, and Wendy's.

Abstract 2

Define Marketing 4

Personal Definition 4

Marketing 5

Marketing in Business 6

Importance of Marketing in Organizational Success 7

Customer Retention 7

Maintaining Satisfying Relationships 7

The Food Industry 7

Jack In The Box 8

Wendy's 9

Value for Both 10

The Market Strategy 10

Conclusion 11

References 12

Define Marketing

Sitting in front of the television with the remote control in hand, surfing quickly through the channels hoping to catch a favorite program; instead, being bombarded by commercials for every imaginable flavor for a soft drink being delivered by the mega-stars of today's movies and music.

Market Street

Asian Family Customers Shopping in The Super Marke...

[Fish market, Bergen, Norway] (LOC)

What is this all about? Advertising? Perhaps. Marketing? Getting warmer. What! Getting warmer? Every one knows that commercials are advertisement and a company's way of marketing their product. Yes, but advertising is just a part of the marketing strategies and tactics used by the influx of businesses; marketing involves more than just the media.