Definition of Marketing

The Definition of Marketing

In the business world today marketing is vital in the economic growth and development of an organization. Marketing promotes research, development, and new ideas. With strong competition with competitors and increase demand, organizations seek new ways to market such innovations and ideas to stay competitive. The intent of this paper is to define the term marketing using two resources and the critical role it plays in the success of an organization. Furthermore, two examples from the business world supporting the vital role of marketing on an organizations success will follow.

Marketing has a wide variety of definitions. It can help a business explore innovative ways to create products and services based on social needs. It can communicate to the intended target market the value on the goods and services it provides. In this case 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).

The society can determine a good marketing system. With the ongoing economy businesses must think outside the box and not rely just on selling and advertising. Marketing is not about trying to downsize product or "get rid of it" (Perrault, Cannon, & McCarthy, 2011, p. 7), but identifying customer needs on tangible goods and services. In this case the second definition is "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" (Perrault, Cannon, & McCarthy, 2010, p. 6).

The importance of marketing depends on the marketing ability of an organization. A company's goal is to create a strong bottom line and by increasing customer satisfaction can help such a goal. Marketing is like a link between the business and the customer. Despite the importance of producing products or services that meet demand of customers, companies must keep the target customers aware of it, accessibility, pay, and differentiate it from competition. Other important benefits that come with the ability to market appropriately is brand recognition and customer loyalty that builds long term business relations and increases revenue through repeat sales.

Many companies successfully have used marketing to increase revenue and target markets. Starbucks Coffee Company has used its product and shops to increase revenue. With the introduction of via, the company target market is the business traveler who is on the go. The company produced a product easy to mix with water (hot or cold), available at the register and easily stored in a purse or briefcase. The marketing function of Starbucks uses customer base