Defining Marketing Paper
Marketing is very essential for a company to succeed; this is how people learn about a product or service. When thinking of marketing the best way to define it is to think of it as a bridge that stretches from the producer to the consumer. Throughout this paper the author will define marketing from two different sources, explain the importance of marketing in organizational success, based on these definitions, and provide at least three examples from the business world to support her explanation.
Marketing Definitions
Marketing is the management process through which goods and services move from one concept to the consumer (Business Dictionary.com, 2012). As a practice it consists of four different elements, such as the 4P’s. The first P is identification, selection, and development of a product. Secondly is the determination of the price. The third P is the selection of a distribution channel to reach the customers place. Last is development and implementation of a promotional strategy (Business Dictionary.com, 2012).
According to the American Marketing Association (2011), “Marketing research is the function that links the consumer, customer, and public to the marketer through information--information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications” (American Marketing Association, para. 3). Companies without a marketing mindset are at a disadvantage in today's business world.
Another way to define the term Marketing as the process of