Marketing

According to the Britannica Concise Encyclopedia, marketing is activities that direct the flow of goods and services from producers to consumers. In advanced industrial economies, marketing considerations play a major role in determining corporate policy. Once primarily concerned with increasing sales through advertising and other promotional techniques, corporate marketing departments now focus on credit policies, product development, customer support, distribution, and corporate communications. Marketers may look for outlets through which to sell the company's products, including retail stores, direct-mail marketing, and wholesaling. They may make psychological and demographic studies of a potential market experiment with various marketing strategies, and conduct informal interviews with target audiences. Marketing is used both to increase sales of an existing product and to introduce new products.

The New World Encyclopedia states that marketing in economics, that part of the process of production and exchange that is concerned with the flow of goods and services from producer to consumer. In popular usage it is defined as the distribution and sale of goods, distribution being understood in a broader sense than the technical economic one. Marketing includes the activities of all those engaged in the transfer of goods from producer to consumer - not only those who buy and sell directly, wholesale and retail, but also those who develop, warehouse, transport, insure, finance, or promote the product, or otherwise have a hand in the process of transfer. In a modern capitalist economy, where nearly all production is intended for a market, such activities are just as important as the manufacture of the goods.

My personal definition of marketing is a social and managerial function associated with the process of researching, developing, promoting, selling, and distributing a product or service.

Marketing is increasingly important to corporate success. People and organizations engage in an immense number of activities that could be called marketing. Good marketing has become a progressively more critical ingredient for business success. In addition, marketing is becoming more important in industries where it has traditionally taken a back seat. For example, banks are realizing that their options to grow through acquisitions are diminishing and they must become more successful at deepening relationships to drive natural growth. Banks used to be open for limited hours that were convenient for bankers - not customers. Many closed during the lunch hour. Banks stay open longer and also offer more services for their customers - automated teller machines, banking over the Internet, or a personal banker to give financial advice.

Financial success often depends on marketing ability. Finance, operations, accounting, and other business functions will not really matter if there is not sufficient demand for products and services so the company can make a profit. Marketing is tricky,