Defining Marketing Essay examples

1152 Words Dec 16th, 2011 5 Pages
Running head: DEFINING MARKETING

Defining Marketing
University of Phoenix
MKT/421
Steve Shelton
May 4, 2011

As a general philosophy, marketing is the art of identifying what consumers want or need, and proceeding with campaigns to meet those wants, needs, or desires; provided the company can realize profits from fulfilling that niche. The Businessdictionary.com (2010) website defines marketing as the management process through which goods/services move from concept to the customer. This process includes the identification, selection, and development of a product/service, determination of its price, selection of a distribution channel, and the implementation of a promotional strategy. Marketing differs from selling
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At times an organization may develop a terrific item or service, but fails to adequately fulfill the needs/desires of their current or potential customer base. In such instances, it will need to revisit and identify the root cause of the ailing campaign. This could be anything from pricing or distribution issues to inadequate promotion of the product or service. In any case, the firm will need to modify the marketing plan in efforts to spur consumer interest. Effective/ineffective marketing can make or break a company’s goals and profit targets for the item(s) they offer.
Effective Marketing Examples A business should examine and understand the effectiveness of its marketing strategy. A strategy that works for one firm may not produce the same results for another. A savvy company will examine product, place, price, and promotion – The Four P’s (U.S. Small Business Administration, 2011). It is imperative an organization fully understands the product/service they offer, the geographic and demographic targets, the acceptable asking price, and the consumer needs/desires the item fulfills. Similar to a business plan, a firm will inspect many pieces of the puzzle to determine the most effective way of reaching its target market. This includes, but is not limited to, consumer tastes/trends, features that make the product stand out from the competitor’s, popularity of the

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