‘Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organisational goals’ (The Marketing Association of Australia & New Zealand, 2005).
The function ‘marketing’ can be defined in many terms, however its overall fundamental definition consistently sums up to define that marketing is profitable management within an organisation that assists in building strong customer relationships (Armstrong, et al., 2015, p.2). The aim of marketing is to simply satisfy consumer’s needs, wants and demands. When an organisation strongly focuses on planning and executing products or services for their consumers, a value is created
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When contrasting the two main organisational structures and hierarchies, it is observable that there is a great difference between the two. A horizontal organisational structure is somewhat different to the vertical organisational structure in the way that there are fewer structural levels. Each department consists of several different horizontal functional areas that are overseen by a product manager who then reports to top management (Hawthorne, 2015). The advantages of an organisation using the horizontal structure includes the endurance of teamwork and the assurance of closely connected market conditions (Audra, 2015). The strength of teamwork within an organisation can potentially lead the business’ success. The emphasis of teamwork and collaboration allows employees to focus and invest more quality time and energy on the organisation’s goals to reach potential innovative solutions (Hawthorne, 2015). This is an advantage for any business as it can lead to high levels of cooperation and heavy emphasis on innovative ideas can assure the business is ahead of competitors (Joseph, 2015).The close connection with the market conditions is another advantage of using the horizontal structure as each product and service has an efficiency to the business’ target market (Audra, 2015).This is an advantage for businesses as employees in every department are able to directly communicate with
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
SIMULATION DESCRIPTION: Holden Evan, Inc., has long been the premium dog food market leader with its flagship Grand Champion brand. The brand targets breeders, trainers, and owners of purebred dogs willing to pay higher prices for superior nutritional and health benefits. During an economic downturn, the Grand Champion brand suffered a sharp and prolonged decline in sales. The Marketing Manager must re-evaluate the brand's marketing strategy and marketing management orientation to determine if they need revision.
Marketing could be defined as the way of planning and executing pricing, promotion and distribution of goods and services to satisfy end user and completing the goals of organisation.
Marketing – The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.
How is marketing defined? What is its importance in a company’s success? This paper will discuss and explain different definitions of marketing along with a definition of author himself. In addition, this paper will elucidate the importance of marketing by giving three examples where marketing was adapted with few mistakes resulting in disaster.
“Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchange and satisfy individual and organisational objectives” (AMA,1985)
According to American Marketing Association (IMA) defines marketing as “the process of planning, and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals.”
An Analysis of Marketing As defined by Kotler and Armstrong (1994) marketing is “a social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others”. Marketing is an extensive topic. Primarily when we consider what is marketing we think about the advertising, publicity and selling of a product or service. In actual fact the prime concern of marketing is customers, and the establishment and growth of relationships between organisations and consumers. It consists of studying the wants and needs of the customers and how to make the perfect product which is priced, promoted and distributed in the right place to make it
Marketing is an important part of the business organization; it is more than just promoting and selling a product. Marketing is gratifying the changing needs of the customer. This can be best summed up by the very successful businessman Bill Gates when he quoted, "Your most unhappy customers are your greatest source of learning ". The purpose of this paper is to define marketing from at least two different sources; based on these definitions I will explain the importance of marketing in organizational success. Also, I will offer three examples from the business world of the importance of marketing to the
Marketing is very important to the success of a business. Before people can buy a product or service they have to know about it. However, marketing entails more than just letting people know what your company has to offer. Throughout this paper, I will define marketing, offering my personal definition as well as more formal definitions from other sources. Furthermore, I will explain to the reader the importance of marketing to organizational success giving real world examples in support of this explanation. The field of marketing can include many things. I believe, however, the most important thing which it should include is communication with customers as to the value and benefits of using that particular company's products
Marketing is a management function which involves creating, communicating and delivering value for an organisation’s customers (Kotler, Brown, Burton, Deans & Armstrong (2010). Although many earlier academics define marketing as merely a process of satisfying customer needs in order to gain profits, more recent developments of the definition include its inherent connection with delivering superior value to customers in order to maintain ongoing relationships (Webster, 1992).
Marketing is a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. (Kotler & Armstrong, 2012)
In today’s world marketing can be define in many ways. It has been changed in way of its market but definition rarely states the same. Marketing can also be defined as the process of creating value for customers in order to building
Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others.(Kotler, Armstrong, Saunders, Wong page 5)
Norris, B (2005), What is Marketing?, Brian Norris Training Site, retrieved on February 11, 2007 from