If one was to go randomly poll an audience on what the definition of marketing is, some might say “the definition of marketing is taking a product or a service and promoting it to sell to the consumer by methods of advertising or word of mouth.” This would be an acceptable answer, but certainly it does not encumber all that marketing means. According to Merriam-Webster (2014), “the activities that are involved in making people aware of a company’s products, making sure that the products are available to be bought, ect.” is the definition of marketing. It can be as simple as “marketing is about identifying and meeting human and social needs” according to Kotler, P., & Keller, K. L. (2012).
In order to have organizational success, it is
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It is also important to understand how the ideal consumer for the given product behaves in his or her spending. Is the target consumer a hard-hitting thrift shopper or does the consumers income become irrelevant to the importance of having the product or service that the organization is looking to provide? And the market research will also identify the competitors for one’s organization. This will make the competitors strengths and weaknesses known. Depending on the nature of the product or service will determine whether it is necessary to gather quantitative data or the more in depth qualitative data research.
In 1985, Coca-Cola announced that it would be changing its first change to its formula (in 99 years) to bring out the “New Coke” product (Conversation Staff, 2012). This new product change was done in order to boost sales that had been slipping for nearly 15 years. What they did not do was the research before the marketing. The uproar from hundreds of thousands of loyal Coca-Cola consumers that tasted the “New Coke” led to the return of Classic Coke just a few short months later. Coca-Cola’s phone lines were inundated with up to 1,500 calls a day in panic over losing the original product. Some even became depressed. When Coca-Cola announced the “old” Coca-Cola was returning, it seemed to give Coca-Cola the