AllFreePapers.com - All Free Papers and Essays for All Students
Search

Define Marketing

Autor:   •  April 29, 2013  •  Research Paper  •  898 Words (4 Pages)  •  809 Views

Page 1 of 4

Define Marketing

When I think of the term; Marketing, my understanding of it is, the action taken by a company to increase the probability of selling a product to the customer for a profit. I think about companies that write commercials for other companies and how if the commercial is not done correctly or targeting the correct audience it could be detrimental to the company. According to BusinessDictionary.com (2013), “Marketing The management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P's of marketing” (Marketing). Another definition of marketing, as defined by the American Marketing Association is (2013), “Marketing is the activity, set of intuitions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers (definition of marketing). These definitions both are stating that marketing is the act of taking a product from an idea to delivery to a customer that is in need of that product.

The importance of marketing for the success of an organization begins with the development of an idea. If a company comes up with an idea, the marketing department will decide if there would ever be an audience for that particular product. With the development of that product a company will begin to find the customers that are in need of that product. The company will then display the product in such a way that the customer will realize the need for the product and will purchase that product. This will create a profit for the company to begin with a new product and start the process all over again. The company needs to remember to use that four “P’s.” Product- finding or creating a item that is needed by the consumer, Price- the cost of the item is important, if it is priced to high for the target customer, it will not sell. Place- the marketing department needs to verify the item is in the correct market for appropriate sales, a company is not going to sell diapers in a high-end perfume shop. Promotion- the company needs to be aware of what is going on in the market at the time of introduction, a company is not going to bring out a new Christmas item in the middle of spring.

A perfect example of a marketing strategy in the business world can be found in the Clorox Company. They have the regular Clorox line of product, and they also have the Green Works line of products. The line of Clorox is considered a cleaning product and the Green Works is considered a cleaning product. The price for regular Clorox cleaning wipes is $2.99, but the Green Works price is $5.99, for the same product, different name. Both products will be sold at the same outlets but the promotion for the Green Works is that it is “environmentally friendly” ("Small Business Marketing Strategies", 2011).

In Lieb’s 2012 Podcast, it was stated that

...

Download as:   txt (5.6 Kb)   pdf (89.9 Kb)   docx (12 Kb)  
Continue for 3 more pages »