...Defining Marketing Paper This paper will cite definitions of marketing from two different sources will explain the importance of marketing in organizational success and will provide examples from the business world to support the explanations. Investopedia.com defines marketing as follows: “The activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people. People who work in marketing departments of companies try to get the attention of target audiences by using slogans, packaging design, celebrity endorsements and general media exposure. The four 'Ps' of marketing are product, place, price and promotion”. BusinessDictionary.com defines marketing as follows: “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; 1) product 2) price 3) place and 4) promotional strategy.” Marketing is frequently seen as advertising and selling; however, it is much more and is extremely important for organizational success. An organization’s marketing department is partly responsible for promoting the product or service offered. An organization may be unable to have long term success without a fully functioning marketing department. Company’s need to reach a much wider global market nowadays, which means marketing and advertising is even more important. According to Perrault, Cannon, and McCarthy...
Words: 830 - Pages: 4
...Defining Marketing Rebecca Isfan University of Phoenix MKT-421 Instructor Scott Cohen Defining Marketing Definition of Marketing Marketing is the way in which organizations reach customers and interact with them, and the way that they develop strategies to sell products and grow their business. In a way, marketing is a form of representation of the “face” of a company. An organization's performance requires a good job of marketing to achieve positive results company-wide. Even though marketing depicts the face of a company; marketing is more complex than this description suggests on its own. “Marketing is everywhere. Formally or informally, people and organizations engage in a vast number of activities that we could call marketing. Good marketing has become an increasingly vital ingredient for business success. And marketing profoundly affects our day-to-day lives. It is embedded in everything we do—from the clothes we wear, to the Web sites we click on, to the ads we see” (Philip Kotler, 2009). Marketing means more to a company than just trying to sell their products or services. “In fact, the aim of marketing is to identify customers’ needs and meet those needs so well that the product almost 'sells itself.' This is true whether the product is a physical good, a service, or even an idea. If the whole marketing job has been done well, customers don’t need much persuading. They should be ready to buy. And after they buy, they’ll be satisfied and ready to buy the...
Words: 825 - Pages: 4
...Defining Marketing Paper E. Jenkins MKT/421 Marketing January 19, 2013 Defining Marketing According to Forbes.com, marketing is described as what you say and how you say it when you want to explain how awesome your product is and why people should buy it. (Forbes.com 2013) If you ask Investers.com what they think marketing is, they describe it as; Marketing is an activity. Marketing activities and strategies result in making products available that satisfy customers while making profits for the companies that offer those products. (About.com/Investors 2013) So in other words, marketing is a product, whether it be a person, place, or thing that a company will advertise or promote to make a profit. Without marketing one would never know what new products were on the market, where they were being sold, who was selling it, what price it is being sold at, etc. Marketing also applies to people. Your favorite celebrity or sport start can be marketed to promote a movie, a television show, an upcoming game, or an event. Every time you watch television or see a movie at a movie theater, one is being exposed to marketing. Commercials, signs you see along side the road, and posters are all forms of marketing. Companies or organizations needs marketing to promote what it is that they may be selling and with out the consumer to purchase these products a company or organization can never make it. A marketing department is not just a...
Words: 818 - Pages: 4
...Defining Marketing Paper MKT/421 Defining Marketing Paper Marketing can be a general term used in businesses and can be misconstrued as the simplicity of advertising a product to sell. However, after researching and defining the term marketing it is clear there are various components that make up the marketing concept. Marketing can prove to be the basis of an organization’s success if it is properly implemented and utilized. Every company uses marketing to drive their business in a profitable direction and through some example companies below it will be obvious how marketing is vital to an entity’s success. Personal Definition of Marketing The definition of marketing in the words of the writer is the foundation of every company that is used to create, plan, and execute a successful product. This concept is derived from the research of a marketing department to improve or create a product that is appealing to consumers. Marketing from Other Sources While other definitions can be found throughout the business world, the ones chosen here give a good explanation and definition of what marketing truly means and the significant role it plays in the success of an organization. Marketing Definition 1 The business dictionary describes marketing as “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: (1) identification, selection and development of a product...
Words: 1208 - Pages: 5
...Marketing Plan Erik Wohler, Adnan Otovic, and Joshua Adamson MKT/421 – Marketing March 28, 2013 R. Scott Bluemel Marketing Plan: Phase I Overview of the Organization The entertainment industry is a vastly changing business, although the ideology has stayed the same throughout history. Since the earliest documented cases started appearing, stories and music were used to overcome and surpass dark times in cultures throughout the world. In more recent historical examples, during the great depression, the largest break through for the entertainment industry began to show by way of movies, musicals, radio and early television. Movies really began to dawn as a way to escape the realities of everyday life and live vicariously in a world of wonder and enchantment, or love and drama, for those who had more serious worries in the real world. With the progression of technology, movies have become a literal escape, with millions of followers across the globe. The movie industry has made such dramatic leaps in technology that the demand for movies and theaters has grown largely over the past 20 years. At Regal Cinemas, being one of the largest franchises across the globe, business has been remarkable. “Regal Entertainment Group (NYSE: RGC) operates the largest and most geographically diverse theatre circuit in the United States, consisting of 6,862 screens in 538 theatres in 38 states and the District of Columbia as of February 21, 2013, with over 211 million attendees for the...
Words: 6804 - Pages: 28
...Defining Marketing A person can define marketing in a number of ways. It can evolve from a simplistic approach to one with much more depth. After evaluating the trend of the definition, the term can then be placed with a company to evaluate its success or failure with applying marketing strategies. This paper discusses Shimano Inc.’s approach toward consumer, business, and global markets. Definition of Marketing People have a number of interpretations for the term marketing. One person may construe the concept as an advertisement ploy in which a seller attempts to offer goods or services to an individual or group for a cost. The American Marketing Association (AMA) can build upon this raw observation. The AMA (2007) states “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” Four years after the AMA defined marketing, another set of authors defined marketing in a similar form but included a strategic approach. Perrealt (2011) states “Marketing is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client” (p. 6). The distinction between the last two formal statements may arise from the financial meltdown that occurred at the end of the decade (Lim, 2009). Marketing adapts...
Words: 1031 - Pages: 5
...Final Marketing Plan MKT 421 Final Marketing Plan There are many factors to consider when a company creates and launches a new product. Not only must the product itself exude quality and greatness, but it must also be backed by an outstanding marketing plan as well. Obtaining an exceptional understanding of the ways to effectively strategize, price, distribute, and promote a new product is necessary for the success of the new item. By implementing all of these factors within a marketing plan, any company or business may strive to be boundlessly prosperous in its given field. Business Overview Louis Vuitton, the brand, and the person, share humble beginnings. At the tender age of sixteen, Louis Vuitton began working as an apprentice in Paris, France in 1837. In a period when transportation occurred primarily by trains, boats, and carriages, luggage underwent a significant amount of wear. It was important for individuals to protect their belongings while traveling great distances and throughout long journeys. It was during his apprenticeship that Vuitton began building customized boxes and trunks tailored to meet the needs of clients. Seventeen years later, Vuitton embarked on the beginning of his own business. In 1859, the Louis Vuitton workshop began with merely twenty total employees, expanding later to one hundred workers in 1900, and again in 1914 to include 225 persons (Louis Vuitton, 2015). During the early 20th century...
Words: 6736 - Pages: 27
...Marketing Plan July 2, 2012 MKT 421 Ronald Bonlender Marketing Plan Apple Inc. became incorporated in 1977 and has since generated many innovations giving Apple Inc. a valuable reputation as well as immense revenue. Apple Inc. designs, manufactures and markets a variety of products sold nationwide through retail stores, online sites, and direct sale. Apple Inc. is recognized for product differentiation and will continue to do so with the introduction of Apple Inc.’s I-Magine (video game console). In creating a marketing plan, Apple Inc. intends to consider various factors, such as geographic availability, product mix, and transmission of product description. In addition, phase I of Apple Inc.’s marketing plan will consider an effective SWOT analysis to determine strengths, weaknesses, opportunities, and threats, or trends to creating this latest product. Furthermore, marketing research and analyzing consumer factors, such as demographics, psychographics, behaviors, and geographic considerations will ensure I-Magine’s success. The function in Phase I of Team B’s marketing plan is to consider industrial analysis in relation to competition and differentiation from other competitors in the video gaming industry. To pursue this strategy in Phase II, Team B undertook data-based synopsis from different online resources to gather information on the organizational strategy of Apple Inc. Findings from research information pertaining to the video game industry’s products and services...
Words: 7196 - Pages: 29
...Marketing Plan STUDENTS MKT 421 University of Phoenix DATE Professor Pepsi B Energy Marketing Plan: Phase One Pepsi is performing a marketing control of their recent release of the Pepsi Diet Slim can, evaluating the successes and the failures of product. Based on the market successes of the Pepsi Diet Slim can, Pepsi is planning to develop a sugarcane-based Pepsi energy drink consisting of vitamin B12 and other B vitamins. This new product is packaged in a format similar to the Pepsi Diet Slim to offer a new look to Pepsi’s soda cans and to compete with the irregular shapes of existing energy drinks. Pepsi B Energy is to cater to customers who want to drink a healthier Pepsi. Pepsi B Energy’s Marketing Plan Phase One is designed to develop the basics of a marketing strategy for Pepsi B Energy. Pepsi B Energy’s Marketing Plan Phase One provides an overview of PepsiCo, a brief description of the product, the importance of marketing for PepsiCo, a SWOTT chart for Pepsi B Energy, and the preferred marketing research approach for Pepsi B Energy. PepsiCo Pepsi was founded in 1898 by a druggist from North Carolina named Caleb Bradham. Through a series of acquisitions and other business dealings, Pepsi became PepsiCo. PepsiCo currently produces a variety of beverages, many in partnership with other companies. PepsiCo sell soft drinks, juice drinks, sport drinks, bottled and enhanced waters. Recently...
Words: 7771 - Pages: 32
...Week Five: In-N-Out Burger Final Marketing Plan MKT/421 March 20, 2013 Professor Learning Team Final Marketing Plan: Paper Resources: Marketing Plan: Phase I Paper, Marketing Plan: Phase II, Paper, Marketing Plan: Phase III Paper Refer to the Marketing Plan Outline listed on the student website for a broad general outline of a Marketing Plan. However, you must use the specific marketing plan Pegasus template as provided by your instructor for the Final Marketing Plan Paper. [See Kotler 14th ed., Chapter 2, pages 60 – 64] Write a 6,300 to 7,000 word paper integrating your previous Learning Team assignments into a final Marketing Plan Paper using the Pegasus Template provided by your instructor. In addition to the Marketing Plan Phases I through III mentioned above, address and include the following information in your paper: For the bullet points below, each team member, as assigned by the team leader, should write specifically about your product or service with the final marketing plan in mind - approximately 250 to 350 words per bullet/team member to be embodied in the final marketing plan paper using the Pegasus template. The team leader has ultimate authority for managing this effort. • Identify the appropriate place and promotional strategy that should be used in developing the strategic marketing plan. • Develop an initial sales promotion schedule. • Create an advertising plan. • Identify public relations opportunities for the product...
Words: 4415 - Pages: 18
...Starbucks Coffee Team “A” Fin370 Shawn Gover April 4, 2012 Starbucks started as a single store in Seattle back in 1971, with a single goal in mind; to share good coffee with their friends and just to make the world a little better place. Howard Schultz, the chairman, president, and chief executive officer, had a vision to bring back the tradition of an Italian coffeehouses back into the United States. He wanted to bring his consumers a place for conversation, a sense of community, just a place between work and home. Today Starbucks Coffee has more than 15,000 stores in 50 countries and has set out to be a different kind of company; a company who’s invested in tradition and a feeling of connection with there consumers. Starbucks believe that in order to have a success for the company they need to do the right thing, they need to be ethical and compliant. They have implemented a program with the company that helps to support Starbucks mission and protect the culture throughout the company they worked so hard to establish. Through the program, employees of Starbucks, have availability to materials that will help inform employees on how to make the correct and ethical decision. The materials include, awareness materials, including the Standards of Business Conduct, facilitates legal compliance and ethics training, investigates sensitive issues such as potential conflicts of interest, and provides addition channels for partner to voice there concerns...
Words: 1275 - Pages: 6
...Library Program Account PhoenixConnect Careers MKT/421 » Syllabus US/Arizona Time: Jul 29, 2014, 2:38 PM MKT/421 (BSDS1DBAM2) Class Home Week1 Week2 Week3 Week4 Week5 Full Syllabus Week2. Strategic Planning and Positioning. Jul 22 - Jul 28Week2 Strategic Planning and Positioning Jul 22 - Jul 28 / 13 points Tasks Complete the Learning Team Charter. Objectives/Competencies 2.1Identify the components of an effective marketing plan. 2.2Conduct a SWOT and competitive analysis. 2.3Apply the market research process in discovering and answering business questions. 2.4Apply a segmentation model to create a target market and develop a positioning statement. Learning Activities Required Reading Basic Marketing, Ch. 2 43 Reading Basic Marketing, Ch. 3 14 Reading Basic Marketing, Ch. 4 11 Reading Basic Marketing, Ch. 7 10 Reading Basic Marketing, Ch. 18 7 Discussion Favorite Brand Discussion 24 Discussion Product and Organization Selection and Approval 6 Discussion Research and Discussion 3 Video The Five Competitive Forces That Shape Strategy 1 Video Target: Inside the Bullseye 2 Video Positioning 11 Video Marketing Research and Segmentation 4 ERR Week 2 Electronic Reserve Readings Assignments ASSIGNMENT STATUS FRIENDLY NAME TITLE DUE DATE POINTS UNREAD COMMENTS Participation Week 2 Participation Due Jul 28, 11:59 PM /3 Presentation Marketing Mix Presentation Submitted /5 5 Paper Personal...
Words: 19836 - Pages: 80
...Defining Marketing Paper Toya Carter MKT/421 May 25, 2011 Susan Craver Abstract 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 of Marketing First Definition of Marketing My opinion of marketing is advertising a service or product to gain potential consumers who may want to purchase the service or product. In think advertising services or products to potential consumers is a great for any business to gain customers because if the consumer does not usually shop at the business in question the individual would not know what services or products the business is offering for sale. For example, AT&T Wireless sends advertisements in weekly newspapers in the Orlando area. This advertisement shows the newest products and phone service plans the business is offering. Also the advertisement shows how potential customers can have great phone service at a very low rate and obtain a new phone of their choice without charge...
Words: 903 - Pages: 4
...Marketing Mix Fontineese Green MKT/421 November 11, 2013 Jeff Lewis Marketing Mix Marketing mix is defined as a planned mix of the controllable elements of a product’s marketing plan commonly termed as 4Ps: product, price, place, and promotion. These four elements are adjusted until the right combination is found that serves the needs of the products customers, while generating optimum income (Business Dictionary.com, 2013). When a company is marketing their products, it is useful to reduce all the variables in the marketing mix to four basic ones: * Product * Place * Promotion * Price In order to create the most effective marketing mix, the product has to have the right features. Keep in mind that Product is not limited to physical goods. For example, the Product of H & R Block is a completed tax form (University of Phoenix, 2011). Place is concerned with all the decisions involved in getting the “right” product to the target market’s Place. This happens through a channel of distribution. A channel of distribution is any series of firms (or individuals) that participate in the flow of products from producer to final user or consumer (University of Phoenix, 2011). Distribution decisions include market coverage, channel member selection, logistics, and levels of service (“Quickmba”, 1999-2010). Promotion is the business of communicating with customers. It will provide information that will assist them in making a decision to purchase a product...
Words: 930 - Pages: 4
...Using Perceptual Maps in Marketing Krissinda Richards MKT 421 December 21, 2011 Dr. Dyrren Davis Using Perceptual Maps in Marketing In the world’s market things are constantly changing. Products are introduced, have a growth period, then it starts to decline and eventually replaced with something new.The Thorr motorcycle simulation describes how the product life cycle of the Cruiser Thorr develops and then slowly declines as time and people change. In this situation, the CruiserThorr has had a lengthy product life cycle and the know the question is should the company think of new ways to reposition the Crusier Thorr in the market to appease the next generation or come up with a newer more fashionable model to replace it. Thorr Motorcycles must determine the motorcycles position in the market using a perceptual map. This map will chart the consumer’s views about the Cruiser Thorr and help the company make a final decision. Perceptual Map In the first step of using the perceptual map is selecting the parameters in which to reposition the cruiser in the market. The optimal parameters chosen are the lifestyle image, price, service offerings, and quality engineering. The Lifestyle image is the most powerful characteristic because it is design to persuade the customer buy into the image and not the functional attributes of the product. Quality engineering covers the product design, engine capacity and design, styling and the uniqueness of the product. These are important...
Words: 711 - Pages: 3
