Define Marketing

Defining Marketing

MKT/421

Monday, March 4, 2013

Bill McIntyre

Defining Marketing

Marketing is a process used when a company launches a new product or opens a new business. Without marketing consumers would not be aware that the product or services even exist. It is an important process that businesses rely on for their success. This paper will define marketing, explain its importance, and provide examples of companies who successfully use marketing to promote their business and its products.

Definition of Marketing

It is my understanding that marketing is the series of activities used to promote a product or business. It is the advertising, whether it is with direct mail or commercials that help the business sell the product, and the research involved to make the product. According to the Merriam Webster dictionary, it is the act or process of selling or purchasing in a market. It is an aggregate of functions involved in moving goods from producer to consumer. Another definition says that marketing is "the management process through which goods and services move from concept to customer. It includes the coordination of four elements called the four P's of marketing" (Investopedia, 2013). The four P's that they are referring to is a major part of the marketing mix. They include product, place, promotion, and price. All four of these elements are important to successfully launch a marketing product. For example, if a company is trying to sell an innovative electric blanket it would not market it in an area with a perpetually warm climate. Businesses have their specific group of customers which are referred to as the target market.

Importance of Marketing

Every business, no matter what industry it is, uses some type of marketing to get the information to consumers so they can make informed decisions about the product. It can be in the form of commercials, print advertisement or even direct mail. If businesses want to succeed they will have to do marketing to promote their products. By using the four p's a business can establish the best product to launch, the right price to charge for it, the best place to market the product, and how to go about promoting it, . Many companies on the market take advantage of consumer product testing to see exactly where the highest demand for their products may sell. One of the biggest companies that take advantage of great marketing is McDonalds. Consumers do not even have to say the name McDonalds anymore. McDonald's is the home of the Big Mac and Quarter Pounder and sometimes referred to as the golden arches. Everything used to promote McDonalds is now what it is known by. Another large company that everyone knows is Dunkin Donuts and