Definition of Marketing
Definition of Marketing
DEFINITION OF MARKETING
Marketing is the process of planning and executing the pricing, promotion, and distribution of goods, ideas, and services to create exchanges that satisfy individual and organizational goals.” (American Marketing Association)
Marketing is the process of planning and executing the pricing, promotion, and distribution of goods, ideas, and services to create exchanges that satisfy individuals and organizational goals. (www.wikipedia.com)
My definition of marketing is examining the particular area of products that your company wants to sell, and then looking at the way to maximize the good for both the customers and your company. This would be done by listing the strategies and tactics used in identifying, creating, and keeping a good relationship with customers. Marketing is used to decide what products or services will be of interest to customers, and what is the best way to go about selling the product. It is a major part of communications and the development of business. The main function of marketing is to satisfy the needs of customers.
Marketing looks at both retaining current customers and getting new ones. It is also important to always look at expanding the product base with existing customers. The activities involved with this would be product management, pricing, placement, and promotion. Product management looks at actual goods and services and how it meets the needs and wants of your customers. Pricing of the project must be both competitive in the open market, but also profitable for your company. Promotion is advertising, sales, and public and personal selling of the product or company. Placement or distribution of the product is how the product gets to customer, directly or through a store.
Marketing has changed over the years. At one time, before television and internet, salesmen who traveled from door to door were the way people learned of new products. Then, companies began advertising in the newspapers to get their product known to people. Today, with the television and internet, advertising reaches a much more diverse group of people.
A marketing manager must look at the needs of his company and then make the best decisions as to how to market a product to successfully make it popular with customers.
McDonalds is a great example of how they use marketing to get a diverse group of customers. They market the “Happy Meal” for children, burgers and fries for the younger crowd, and the healthy foods such as salads, yogurt, and fruit for the health conscience group and they always advertise to each group individually. This allows them to give all for that particular area they are working on. Also, McDonalds is widely known for their promotion using a Monopoly board and putting pieces on specific items that they would like to promote. They