Marketing Define

Marketing Defined

America is the land of opportunity. Each one of us, given the foresight and the determination, has an equal opportunity to become a part of history. This may present itself in many ways. A humanitarian. An artist. A scientist. A politician. An icon in the business world.

While few of us will have the chance to sing at the Metropolitan Opera or be awarded the Nobel Peace Prize, the world of business offers arenas in which a dream and determination can place us among the wealthy and well known of our time. Marketing is the key to our success.

Definitions of Marketing

Personal Definition

Marketing is the act of introducing a commodity or service to a targeted audience in a manner geared toward gaining a market share of the users that will yield a profit for the provider of the commodity or service. This process begins with the inception of the product and/or service idea and is consummated with the successful promotion and delivery of said product and/or service.

United States Small Business Association Definition

The United States Small Business Association (2001) defines marketing as “the total of activities involved in the transfer of goods and services from the producer or seller to the consumer or buyer. Marketing activities may include buying, storing, selling, advertising, pricing, and promoting products”.

American Marketing Association Definition

The American Marketing Association (2006) defines marketing as “an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders”.

Importance of Marketing

A comprehensive, successful marketing strategy “creates exchanges that satisfy individual and organizational objectives” (American Marketing Association, 2006). No matter how a product and/or service may meet the needs of the private or public sectors, if the marketing strategy is not well thought-out and the utmost care taken during implementation, the product and/or services will fail to gain a market share substantial enough to justify continued offerings of the commodity.

Successes and Failures of Marketing Strategies

Successes

While many companies can boast a continuing share of the market, Bill Gates’ company Microsoft is a prime example of exceptional marketing strategy. Gates has maintained the chief responsibility for Microsoft's product and marketing strategies. He has vigorously broadened the company's range of products, and wherever Microsoft has attained a prevalent position, he has vehemently defended it.

Bill Gates and Microsoft have used the less conventional avenues of marketing to attain success. Gates has piggybacked Microsoft operating systems and programs into the sales of business and personal use computers. By continuing to ensure the majority of computers today come with their software pre-installed, Microsoft, in due course, has become the largest software company in the world. This series of events has earned Gates enough money to be name the wealthiest person in the world by Forbes Magazine repeatedly.

Failures

Remila and Ervin (2000) list 10 marketing disasters of recent times. The disasters include:

1) New Coke: an attempt to revitalize its brand almost destroyed it.

2) Levi's: