In business, marketing is possibly the most important transactions that have a direct effect on company’s profitability and sales. Marketing should address any concerns and identify any issues throughout the product/service process that effectively peak consumers interest in the brand at every contact. Many people do not realize that marketing is a part of everyone’s daily lives; we see on the television, in magazines, on billboards, where we shop, and even at our workplace. This paper will describe marketing to include a personal definition of marketing as well as definition from two different sources. In addition, built upon these definitions we will discuss the importance of marketing in organizational success with three examples from modern business world.
To understand marketing, one has to first understanding the meaning of marketing. What is market? Marketing involves a business transaction such as selling, purchasing, and distributing between producers and consumers within a market, which marketing philosophy can be based on the customer needs and satisfaction. Basically, an organization marketing department function, must have the mine-set should be developing product and/or company image that makes product/service more identifiable to target consumers. A company’s profitability on a product/service is affected by marketing. In addition, marketing plays a critical role in a company’s success, which has an impact with economic growth and development.
Two Different Sources Definition
Marketing has numerous definitions; one such definition is, “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” (America Marketing Association, 2007). Another definition states, “Before you learn more about marketing in the many links later on below topic, you should first understand what...