Define Marketing
What is marketing? Marketing can have different definitions based upon the source or person giving the definition. Marketing is an essential component of any business, and understanding the exactly what marketing means to a company can mean the difference between success and failure especially for new companies. This paper will define the term marketing using definitions from two different sources and a personal source. This paper will also further explore the importance of marketing in organizational success based on these definitions.
Definition
A personal definition of marketing is all the activities a company performs to capture the market share for their product. Anything a company does to ensure the sell of goods or services can be considered a part of marketing. Marketing includes the producing a product, promoting the product, correctly pricing the product, and placement of the product. Each of these categories contains numerous tasks that need and should be accomplished to ensure a successful marketing plan.
According to Boone & Kurtz (1998), “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” (para. 5). This definition of marketing attempts to encompass the vast and complicated field of marketing. The definition shows that marketing is much more than just advertising and other aspects do exist.
However, definitions do vary between sources. Another definition of marketing is “The act or process of buying and selling in a market or the commercial functions involved in transferring goods from producer to consumer“(Marketing, 2 ...