MKT 421 Week 1 Individual Assignment - Defining Marketing

MKT 421 Week 1 Individual Assignment - Defining Marketing -...

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Defining Marketing 1 Running head: DEFINING MARKETING Defining Marketing University of Phoenix MKT/421 - Marketing
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Defining Marketing 2 Defining Marketing What is marketing? What is the definition of marketing? Having a good marketing strategy is an important part of a company’s success and having a poor marketing strategy can be detrimental to a company. Marketing uses many different sources to spark the consumer’s interest in the product or service. This paper will explain different definitions of marketing as well as the author’s own definition. In addition, this paper will show why marketing is important by providing three examples where marketing was used to promote a product but had severe issues. Personal Definition of Marketing When defining marketing, the author believes that marketing is the steps in which a company takes to spark interest or entice consumers to purchase their products. Sales, promotions, and advertising are all a part of a company’s marketing. In the end, marketing can be summed up and defined simply by understanding that anything a company does to ensure the sale of their product is considered marketing. KnowThis.com – Definition of Marketing KnowThis.com defines marketing as “the strategies and tactics used to identify, create, and maintain satisfying relationships with customers that result in value for both the customer and the marketer” (KnowThis.com 2009, p. 3). The key terms are strategies and tactics, identify, create, maintain, satisfying relationships, and value with customers and the marketer. KnowThis.com believes that strategies and tactics are the foundation of marketing and assist in a company’s long-term marketing success. The next step of marketing is the function of identifying the information of customers, markets, competitors so that the marketing plan will be a success. The third step in their plan is to create and maintain a marketing plan that will allow
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Defining Marketing 3 room for the company to gain potential customers and keep them. The final two steps consist of satisfying relationships with customers and giving the best value for customers and marketers. The best way to define these two steps is to say that it’s where the company makes sure that they are providing the best possible product and experience for the customers. American Marketing Association (AMA) – Definition of Marketing The American Marketing Association (AMA) defines marketing as “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” (AMA, 2007). The AMA believes that marketing is the function that potentially links the customer/consumer to the company/marketer. This is done by information that identifies the marketing opportunities available to the company. Information is the key to good marketing and the AMA shows that by discussing methods of gathering and addressing issues, “designs the method for collecting
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MKT 421 Week 1 Individual Assignment - Defining Marketing -...

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