Defining Marketing Paper
May 25, 2011
Marketing is a very important tool for a growing business. Marketing is a good investment for businesses. Marketing is an area that has been proven to pay for itself within any business. Marketing is often misunderstood, because of lack of research, time, resources, and the understanding of its potential. Marketing is effective for any business if it shows what task the business does well or how well the business produces products differently from competitors. In this paper the subject to discuss is the meaning of marketing and the importance of marketing in organizational success.
Three Definitions ...view middle of the document...
Wal-Mart offers their consumers a lower price on products the company sells at a cheaper price than competitors by selling their products at a cheaper price and also price matching with other stores who may offer certain products lower than Wal-Mart the business can keep up with the demand of cheaper products for the customers.
The Third Definition of Marketing
The third definition describes marketing as management process through which goods and services move from concept to the customer. As a practice, it consists of coordination of four elements called four P's: (1) identification, selection, and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy (BusinessDictionary, 2011). For example the four P’s can be seen in development, price, distribution, and implementation of promotional strategy of a local dairy chain in Orlando. TG Lee is a local dairy chain in the Orlando area. The company always mention in the advertisements of how their dairy products does not have to travel far to get to the consumer, so all of their products should are fresh and great tasting because the products are made at a distribution center in Orlando, offers at a reasonable price, are sold at the best quality grocery stores, and the products are advertised in sales papers, on billboards, and on city bus signs.
Importance of Marketing
Most businesses realize the importance of marketing to their company and how marketing has a big role in the success of their company. Businesses face many challenges in the corporate world and one of the main challenges is keeping up with competitors. All businesses need to have a good marketing strategy. Marketing strategies can usually include branding, obtaining new consumers, and influencing behaviour of other...