Importance of Marketing
Importance of Marketing
Many organizations may think little of marketing or may not be aware of the clear advantages of this successful tool. Various definition of marketing is readily available so one can at least have an idea of what marketing incorporates. As one reviews this paper, three definitions of marketing with one being personal will be available. Based on these definitions, an explanation of the importance of marketing in organizational success will be provided.
Overview of Marketing
In corporate America today, various thriving organizations may be experiencing many obstacles when in competition, which can halter longevity. To assist and maintain with an organizations status quo, then an effective marketing plan must be implemented. Marketing is a critical component to the prosperity of an organization. Organizations that think little of a marketing plan is at disadvantages in todays competition. “Marketing is everything, and everything is marketing” (McKenna, 2008). Such a true statement because marketing has exposure in everyones life no matter the circumstance. Although, one is driving there are billboards that are advertising a car from a specific Motor company. In addition, the clothes one wears may display a logo such as polo. Search no further because everywhere one looks have seen some type of marketing whether intentionally or unintentionally. Marketing is a strategy always evolving. Generally, when the word “marketing” is seeped through the ear canal of an individual, then advertising or selling may be the only concept that comes to mind. Marketing is more than an advertisement and yes it does involve selling; however there are more phases that make up the marketing strategy. Indeed marketing is the beat of a heart to lead an organization to profitability.
Defining Marketing
Many have various ways to define marketing and one has define d it as; “Marketing is 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” (American Marketing Association, 2009). Another definition of 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 organizational goals. An agreeable personal definition of marketing is an “organizational function and a set of processes for creating, communication, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its shareholders” (Hair, Lamb and McDaniel)
Importance of Marketing in Organizational Success
Organizations today seem to be more competitive than a decade