Defining Marketing

Marketing is arguably one of the most essential functions in today's world for a successful business. This paper will attempt to define and explain the importance of marketing in organizational success.

According to one marketing textbook, "marketing is the discipline required to understand customers' needs and the benefits they seek. In a nutshell it consists of the social and managerial processes by which products (goods or services) and value are exchanged in order to fulfill the needs and wants of individuals or groups. Although many people seem to think that 'marketing' and 'advertising' are synonymous, they are not. Advertising is simply one of the many processes that together constitute marketing (Kotler, Armstrong, Brown, Adam, & Chandler, 1998)."

Another definition echoes the sentiment by stating, "Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives (Boone & Kurtz, 1998)."

Personally, my definition of marketing is very similar - it is the function of business that promotes and focuses the product to the buyers most in needs or want of particular product or service. Marketing is very important to the success of a company or product because if the product or service does not fit the right market or customer, then sales and revenue will suffer. Marketing to the right group or demographic with specific needs can almost guarantee increased sales. Without a need or interest in a product, there is nothing to sell. Appeal is almost as important as need because the wants of customers can be easy to target. Customers are also usually attracted to what they know. Recognition can be a crucial goal in marketing.

An example of successful marketing in the business world and the value of recognition is Federal Express (FedEx) and United Parcel Service (UPS). There are many shipping and freight carriers to choose from but these are two companies who compete with the US Post Office that are instantly recognizable. Like the Postal Service, both of these companies specialize in shipping packages. FedEx positions themselves as rapidly shipping smaller packages and documents most anywhere in the world. UPS specializes in shipping larger packages most anywhere in the world. They have built their images as specialists in a very specific area. Their advertising reinforces this image and creates a desired image in your mind (Morgan, n.d).

A successful marketing campaign or stunt can even promote a new product or service and increase sales with an already successful, easy recognizable business. For instance, in 1996, Taco Bell pulled an April Fool's Day advertising stunt and announced to the press that the corporation had purchased the Liberty Bell and it was to be renamed the Taco Liberty Bell. According