Defined Marketing
Defining Marketing
MKT/421
Defining Marketing
Many people incorrectly believe that marketing and advertising are the same. From an organizational point of view, marketing is the process of determining the needs and wants of consumers, as well as profitable providing consumers with goods and services they are looking for, or even overcome their expectations. Marketing activity needs to ensure that the products are provided to users in places where they want them, and at the price they are willing to pay, and that information is provided directly by users. This paper will provide several definitions of marketing and explain its importance in organizational success, supported by examples from the business world.
Dr. Philip Kotler defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services (Kotler, 2012)”. According to Kotler, marketing is also a social and managerial process by which individuals and groups - through creating, offering and exchanging products of value with others, are getting what they need or what they want.
Peter Drucker wrote the following: "Because the purpose of business is to create and keep a customer, the business enterprise has two, and only two, basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business (Drucker, 1973)." Marketing plays a central role in achieving organizational success, because it talks about creating and retaining customers. For this reason, companies are focused on marketing, recognizing the importance of building relationships with customers
MKT/421
Defining Marketing
Many people incorrectly believe that marketing and advertising are the same. From an organizational point of view, marketing is the process of determining the needs and wants of consumers, as well as profitable providing consumers with goods and services they are looking for, or even overcome their expectations. Marketing activity needs to ensure that the products are provided to users in places where they want them, and at the price they are willing to pay, and that information is provided directly by users. This paper will provide several definitions of marketing and explain its importance in organizational success, supported by examples from the business world.
Dr. Philip Kotler defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services (Kotler, 2012)”. According to Kotler, marketing is also a social and managerial process by which individuals and groups - through creating, offering and exchanging products of value with others, are getting what they need or what they want.
Peter Drucker wrote the following: "Because the purpose of business is to create and keep a customer, the business enterprise has two, and only two, basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business (Drucker, 1973)." Marketing plays a central role in achieving organizational success, because it talks about creating and retaining customers. For this reason, companies are focused on marketing, recognizing the importance of building relationships with customers
References: Drucker, P. F. (1973). Management: Tasks, Responsibilities, Practices. New York, NY: Harper Collins Publishers, Inc.. Grönroos, C. (1999). Relationship marketing: Challenges for the organization. Journal ofBusiness Research, 46(3), 327-335. Kahney, L. (2002, December 04). Apple: It 's All About the Brand. Retrieved from http://www.wired.com/gadgets/mac/commentary/cultofmac/2002/12/56677 Kotler, P. (2012, Fall). Dr. Philip Kotler Answers Your Questions on Marketing. Retrieved from http://www.kotlermarketing.com/phil_questions.shtml