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Submitted by firelight1 on July 24, 2007
Category: Business
Words: 711 | Pages: 3
Views: 331
Popularity Rank: 28,295
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Marketing is arguably one of the most essential functions in today’s world for a successful business. This paper will attempt to define and explain the importance of marketing in organizational success.
According to one marketing textbook, “marketing is the discipline required to understand customers' needs and the benefits they seek. In a nutshell it consists of the social and managerial processes by which products (goods or services) and value are exchanged in order to fulfill the needs and wants of individuals or groups. Although many people seem to think that ‘marketing’ and ‘advertising’ are synonymous, they are not. Advertising is simply one of the many processes that together constitute marketing (Kotler, Armstrong, Brown, Adam, & Chandler, 1998).”
Another definition echoes the sentiment by stating, “Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives (Boone & Kurtz, 1998).”
Personally, my definition of marketing is very similar – it is the function of business that promotes and focuses the product to the buyers most in needs or want of particular product or service. Marketing is very important to the success of a company or product because if the product or service does not fit the right market or customer, then sales and revenue will suffer. Marketing to the right group or demographic with specific needs can almost guarantee increased sales. Without a need or interest in a product, there is nothing to sell. Appeal is almost as important as need because the wants of customers can be easy to target. Customers are also usually attracted to what they know. Recognition can be a crucial goal in marketing.
An example of successful marketing in the business world and the value of recognition is Federal Express (FedEx) and United...
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