...Running Head: IMPORTANCE OF MARKETING Importance of Marketing Jason McCleney 3/10/2012 ADA ACC. MKT/421 Stephen Fritzenkotter Definition of Marketing In a moral formal setup, business and non-business organizations are also involved in marketing. The products that are marketed can be goods or services. A place, an idea, an individual or even a cause, can be marketed. Many management thinkers consider marketing to be most critical function of a business. In a business organization, the marketing division generates the revenues essential for the survival and growth of the firm, the finance department manages these revenues and the department like R&D, production or manufacturing uses them to create products and services (Kotler, 2009). But the real challenge to the markets lies in generating those revenues profitably, by satisfying customers in a socially responsible manner (Kerin, 2009). In my point of view marketing is an activity of producing, promoting, and providing goods and services to customers and businesses. It is a process of creating and directing an organization to sell goods or services that people are willing to buy. Marketing builds and maintains a preference for a particular product and company within the target market. It involves acquisition of new customers and retention of existing customers. American Marketing Association was proposed definition of marketing in 1985, which is as follows: “Marketing is the process of planning...
Words: 771 - Pages: 4
...* * * * * * * * * * * * * * Marketing Mix Paper MKT/421 August 1, 2011 Fritz Beiermeister * * * * * * * * * * * * * * * * The Marketing Mix What is marketing? The meaning that many marketing managers gain knowledge of as they start out in the marketing profession is: Putting the right product in the right location (place), at the right price, at the right time. The success of an organization depends on the success of marketing. Accounting, Finance, operations, and other functions of business will not matter if there is not a demand for the organization’s product or service (Kotler, 2009). The term “marketing mix” was coined by Neil Borden back in 1953 during his American Marketing Association (AMA) presidential speech. The marketing mix include the controllable variables the company puts together to satisfy the target group (Perreault, 2009). The consumer is not a part of the marketing mix, but should be the target of any organization’s marketing campaign. In 1960, Jerome McCarthy introduced the notion of the 4Ps – Price, product, place, and promotion marketing mix [ (Marketing Mix 4P's and 5P's by Jerome McCarthy, 2010) ]. For several years these 4P’s have been in use as the chief basis on which a marketing plan is based. All of the four P’s are needed for a successful marketing mix and campaign...
Words: 1665 - Pages: 7
...Marketing Definition Paper University of Phoenix Mayra Gisela Santiago -Nieves MKT/ 421 Prof. Thelma González Arvelo 30 de julio de 2011 Marketing Definition Paper En el siglo presente es de vital importancia estar familiarizado con el significado de la palabra mercadeo que ha evolucionado con el pasar del tiempo, con los adelantos tecnológicos y con las necesidades que se le crean a los consumidores. La palabra mercadeo no solamente significa vender, su definición es más abarcadora y a continuación estaré mostrando diferentes definiciones. Según Armstrong, G., & Kotler, P. (2009). Marketing: An introduction (9th ed.). Upper Saddle River, NJ: Pearson Education: Mucha gente piensa que mercadeos es venta o publicidad. Eso es cierto, pero esas cosas son parte del mercadeo. Mercadeo es mucho más que venta y publicidad. Según Philip Kotler: mercadeo es el proceso social y administrativo por el cual los grupos e individuos satisfacen sus necesidades al crear e intercambiar bienes y servicios. Según el libro Mercadotecnia Sexta Edición Philip Kotler - Gary Armstrong: mercadeo es un proceso social en el cual grupos e individuos logran lo que necesitan y desean mediante la creación, oferta y libre intercambio de productos y servicios que otros valoran o necesitan. Según el libro Mercadotecnia Sexta Edición Philip Kotler - Gary Armstrong: mercadeo es serie todos los compradores, reales y en potencia, de un producto o servicio. Según el libro Mercadotecnia Sexta Edición...
Words: 716 - Pages: 3
...Environmental Factors Paper Stephanie Sheridan MKT/421 October 8, 2012 Michael Ricco (Doctoral students must include the following on the title page instead: title, author’s name, and institution name) Environmental Factors Paper Ikea, one of the largest big box chain stores in the United States and abroad is affected by both global and domestic environmental factors. These factors, along with changes in technology, all impact and shape the organization and affect marketing decisions. This paper will identify environmental factors that shape the organization and impact marketing decisions. It will discuss the influence of global economic interdependence and the effect on trade practices and agreements. The paper will discuss the importance of demographics and physical infrastructure, analyzes cultural differences, and examines the importance of social responsibility. Finally, the paper will analyze the effect of political systems and its influence on international relations, the influence of the Foreign Corrupt Practices Act of 1977, and the influence of local, national and international legislation on Ikea’s business practices. There are many macro-economic factors that impact and shape marketing decisions at Ikea. These factors include economic, environmental, political, social, technological, legal and cultural (Unknown, 2007). These factors influence the decisions the organization makes, how it operates nationally and globally and how it will adjust to...
Words: 1226 - Pages: 5
...Week 3 Strategy and Positioning Analysis Part 2 Joshelyn Wooten Kaelin A. Love-Smith Sophia Taylor Olando Hart MKT/421 July 19, 2016 Dr. Duane Scott * Describe how your marketing efforts and marketing mix will change with each phase in the product life cycle * Explain how the packaging you will use for your product or service will add value Marketing Strategies Used By Nokia Marketing Published: 23, March 2015 Nokia was founded by Fredrik Idestamin in 1865 as public limited company. Nokia is leading the cellular phone industry with around 38% of the market share, while Motorola, which is American based is having 12% of total market share. Nokia used to be a diversified conglomerate up till 1980 with business that includes pulp, rubber tire production, paper, telecommunication equipment, cable manufacturing, and consumer electronics. The geographic target market of Nokia was mainly limited to Scandinavia (70% market share) and US (33% market share) (123helpme, 2010). Nokia never enjoy a monopoly in any market including Finland and the company share is due to its competitive marketing strategy, state of the art product designing and manufacturing, pricing strategies and creative marketing campaigns. The company has constant record of launching new products that either have a low costs or cutting-edge technology. These two characteristics of the firm gives it competitive advantage and the company is still the most profitable company of the mobile-phone manufacturing...
Words: 2207 - Pages: 9
...Personal Branding Plan Paper xxxxxx MKT/421 July 28, 2014 xxxxxxx Personal Branding Plan I have over twelve years of cleaning experience from starting out as a dishwasher to cleaning in hospitals, hotels, and residential buildings. From those experiences I have found I enjoy interacting with people and making their stay, where ever that might be, more enjoyable. Yes, it can make finding new jobs, outside the cleaning industry, more difficult; however, I’m always up for a new challenge. I do not intend to stay in the cleaning industry forever. I would rather work in an industry that specializes in helping make memories for people and their families. Working in hospitals, hotels, and restaurants I have developed an understanding of what people expect out of their stays. Especially when they are usually spending a large amount of money, people want to feel special, important, and recognized. I want to be a part of all of that. Companies That Make an Impression on Me To be honest, I have never thought about the companies I would like to work for until this week. Knowing that I want to be able to interact with people the three companies I would enjoy working for would be Xanterra Parks & Resorts, the Carnival Cruise line or InterContinental Hotels Group (IHG). Each of these companies is about making an enjoyable experience for people that stay with them and for employees to making memories along the way. If you want to make a...
Words: 794 - Pages: 4
...Marketing Research: Kudler Fine Foods Name MKT/421 Date Instructor Name Marketing research requires Kudler Fine Foods to gather, record, and analyze data pertaining to the marketing of their products. The company uses marketing research to educate consumers in the selections of gourmet specialty foods that Kudler offers. To ensure the company meets the needs of the target markets, the company conducts research to keep up with the latest trends, demands, and preferences of their customers and potential customers. Marketing research can be costly and time consuming, but it is critical to the success of any business large or small. The four elements of the marketing mix, product, place, price, and promotion is the best place for Kudler Fine Foods to begin their marketing research coupled with gathering competitive intelligence. Kudler Fine Foods is a upscale specialty food store serving the San Diego, California, metropolitan area with three locations in La Jolla, Del Mar, and Encinitas (UOPX Library, 2013) The company specializes in the very best varieties of foods, domestic, and imported. To market successfully the company’s products the company uses the four elements of the marketing mix to its advantage. In the case of the marketing mix the 4Ps can be viewed as one unit with each unit structured to support the other unit. The product of Kudler Fine Foods is their specialty foods, which provides features, benefits and are designed to provide...
Words: 1132 - Pages: 5
...Below it will be providing valuable information about marketing. Will be explained it definition using alternative sources and their importance in the success of different companies. Also reals examples will provided about their benefit and economic impact. This to keep in perspective the effectiveness of using marketing strategies in business. In my opinion marketing could be define as the set of activities that are performed to meet the expectations of a company based on a product. It is a process that consists of several factors, including the customer satisfaction through a product or service. Companies today use marketing to anticipate and meet the needs of customers. "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. (Perreault, Joseph P., & McCarthy, 2011 , p.) Marketing is 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: identification, selection and development of a product, - determination of its price - selection of a distribution channel to reach the customer's place, - Development and Implementation of a promotional strategy. ("Business Dictionary", 2012) Marketing plays a very important role in today's businesses. This given that through it you can predict customer...
Words: 721 - Pages: 3
...Environmental Factors: IKEA Ingvar Kamprad founded IKEA in 1943 and now it is the world’s biggest retail furniture provider. Its prices are very competitive and it was the first company to provide products in flat packages. IKEA has 226 stores around the globe, and earned over $17.7 Billion of revenue as of august 2005. Its famous catalogue that is released on annual basis, accounts for 70% of total marketing communication. IKEA’s marketing, both global and domestic, is affected by a number of environmental factors. We will be discussing all those factors, affect of global economic interdependency, affect of trade agreements and other business practices, and material road and communication networks. Topics like social responsibility, ethics and actual law, cultural differences, and foreign corrupt practices act of 1997 will be discussed. Finally, we will go through effect of political systems, pressure of international relations and effect of technology on overall business. Influence of Global Economic Interdependence & Effect of Trade Practices and Agreements Trade agreements, business practices and the economy help in understanding the purchasing power of the customers. It means they work with earnings, prices, reserves, loans and GDP. These factors should be kept in mind when any organization decides to go global. They should carefully plan their marketing mix in accordance to the target consumers. Pricing is of prime importance here and should be according to prevalent...
Words: 1300 - Pages: 6
...Abstract This paper will address the situation, recommended solutions and the results associated with the three major phases in the simulation process of gallery furniture. This paper will also address the various marketing components addressed in the simulation process. This paper will also details the relationship between positioning and differentiation of the products. This paper will also discuss about the repositioning and whether it is needed in the case of gallery furniture or not. The various effects of product life cycle along with the effect of product life cycle on the product of simulation. Situation The gallery furniture earned great customers from Houston and other store locations. But it is important to note that many people are now turning towards the furniture showrooms who spend great time in interacting with customers and also offering huge discounts. Gallery furniture is in a competitive market area where there are many competitors. Another important thing is, there are certain problems in the payment processing periods for the customers purchased online. These situations should need to be overcome. The delays of the supply of furniture are also making great issues for customers. Recommended Solutions It is important to care more for the welfare of the customers and there should be no way for making the customers to shift to other showrooms. There must be certain different strategies to be developed to overcome various issues associated with Gallery...
Words: 1186 - Pages: 5
...Overview of Organization GoPro is the manufacturer of compact portable cameras, often used in extreme sports videography and part of the connected sports movement. GoPro is the leader in the action camera market. It was founded by Nick Woodman in 2002. He didn't set out to change the market for digital video filmmaking. He just wanted to shoot better quality surfing photos. Woodman is a wave rider, racecar driver, mountain biker, and snowboarder. He lives the lifestyle his indestructible cameras capture. While on a break, after his game promotion company Fun Bug failed, in Southeast Asia on a surf trip, he used a 35mm camera attached to the palm of his hand by a rubber band to try and capture his surfing activities on film. “Seeing those amateur photographers like him, who wanted to capture quality action photos of their activities, had difficulties because either they could not get close enough to the action or were unable to purchase quality equipment at affordable prices, his trip became his inspiration to found “GoPro”. He needed a way to attach the camera to the body for better shots while surfing. After realizing that the strap would eventually fail and the cameras would get wet or break, Nick realized that his company should be a camera company, not just a strap and accessories. He raised the capital for GoPro by selling sea shells and beads while he was in Asia. He bought shells and beads for $1.60 in Indonesia and sell them for $20 while living on in his VW bus on...
Words: 655 - Pages: 3
...Blue Ocean Strategy Paper The Blue Ocean Strategy is a book written by W. Chan Kim and Renée Mauborgne. The Blue Ocean Strategy focuses on a company searching for products where the company will lead the market uncontested to capture demand for a product. Leading the market requires the company to enter a market that has a need of a service or product. The strategy focuses on creating new products to meet the demands of the public. Introducing a product in a blue ocean leaves room for easy growth and a product that has a high return on investment. A Blue Ocean Strategy can help create brand equity for the product or service. Blue Ocean Product Introduction The Swiffer Sweeper was launched by Proctor and Gamble in 1999. The sweeper challenged the household broom by being the first to enter the market offering dry clothes to trap dirt on floors. Since 1999, Proctor and Gamble continues to introduce new Swiffer product, such as the Swiffer WetJet and Swiffer Dusters. Good Housekeeping awarded the Swiffer Sweeper with their 2010 Innovative Products Award. Swiffer products are now used in more than 50 million homes across the world ("P&G", 2015). Proctor and Gamble disrupted the market with the introduction of the Swiffer, and the Swiffer product has reached brand equity. The introduction of the Swiffer product captured the market in a Blue Ocean of opportunity and reinvented how floors were cleaned. Red Ocean Strategy The competition in the area of comparable...
Words: 837 - Pages: 4
...University of Phoenix Material Marketing Plan Outline 1. Organizational overview a. Name of organization b. Mission statement - organization’s basic values and philosophy a. Geographic location b. Product mix 1) Single product 2) Product line(s) 1. New product description 2. SWOTT analysis a. Strengths (internal) b. Weaknesses (internal) c. Opportunities (external) d. Threats (external) e. Trends (external) 3. Marketing research a. Consumer analysis 1) Demographics 2) Psychographics 3) Behaviors (e.g. purchase behaviors) 4) Geographical considerations b. Industrial analysis, if applicable 1) Competitor Analysis 4. Segmentation a. Criteria b. Target market(s) 5. Differentiation and positioning 6. Stage of the product life cycle 7. Marketing mix a. Product/service 1) Type - good, service, idea, etc. 2) Features - how will it be different from the competition? 3) Identification - brand name, label, and packaging 4) Production method/delivery of service b. Price 1) Pricing strategy a) Profit-oriented b) Sales-oriented c) Status quo c. Place 1) Channels of distribution - manufacturer, wholesaler, retailer 2) Product location availability 3) Physical distribution/location of facilities/modes of transportation 4) Cost a) Production b) Distribution c) Overhead d) Sales e) Marketing 5) Markup 6) Suggested selling price 7) Profit margin 8) Price and quality relationship - perceived value d. Promotion 1) Personal selling 2) Advertising ...
Words: 270 - Pages: 2
...Running Heading: Defining Marketing Individual Assignment: Defining Marketing Name University Subject Date Marketing Defined Marketing is often thought of as advertising and selling, but marketing encompasses more than just selling a product or service and advertising it to entice customers to make a purchase. Perrault, Cannon, and McCarthy (2009) defined marketing as "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). However, Kotler and Keller (2009) stated one of the shortest definitions is "meeting needs profitably" (p. 5). The author's definition of marketing includes all of the activities a business accomplishes to identify customers, products and services that will fill a void, targeting potential customers with advertising, delivering the products or services, and following through with quality customer service. Organizational Success and Marketing When companies stop trying to sell what they make and start making what consumers want to buy they will be successful and understand marketing. For an organization to be successful, it needs to continue to grow, produce, and maintain profitability. If a company becomes stagnant they could fail. A great example of this concept is the United States auto industry. In the 1970s Japanese manufactures...
Words: 668 - Pages: 3
...There are many things to consider and tasks to complete when developing General Electrics (GE) marketing plan for the smart refrigerator. The marketing team must identify the target market of organizational buyers and consumers and the factors that influence their purchasing decisions. Current competitors, their products and, how they market these products must be analyzed. This will help GE to improve the product and ensure that its product has unique qualities. Once these tasks have been completed a strategy can begin that will develop into a marketing plan that will reach the target audience. Identify the segmentation criteria that will affect your target market selected To determine the profitability of the GE Smart Refrigerator, GE will need to conduct a preliminary study of the target market. The method behind the study is known as market segmentation. Investopedia defines market segmentation as “a marketing term referring to the aggregation of prospective buyers into groups (segments) that have common needs and will respond similarly to a marketing action” (Investopedia, n/d). This method will allow GE to identify groups of consumers and how they will react to the product and marketing campaign. Therefore, certain criteria must be met for segmentation to be successful. These criteria are substantiality, easily identified, measurability, accessibility, and responsiveness (DeFoe, n/d). To be profitable, there must be a large enough consumer base with a need for this new...
Words: 1479 - Pages: 6
