Defining Marketing - Importance of Marketing in...

Defining Marketing Michelle Watson Marketing 421 April 16, 2012 Kim Wm. Houseman Definition of Marketing Marketing is often misunderstood. Ask the average person how they would define marketing and a majority would reply with something along the lines of commercials, ads, brochures, and other items used to market a business. Marketing is complex. It is a process, a practice, and a philosophy. As a process, it moves goods and services from an idea all the way through to the customer. As a practice, it embodies the elements of product, price, place, and promotion. As a philosophy, it is the basis of how customers’ needs and satisfaction are met by the business’ product or service. According to Perreault,†¦show more content†¦Nike uses successful and famous sports figures to endorse their products. Consumers are willing to pay higher prices for items that they view to be superior in quality, reliability, and style. Brand management is one of Nike’s greatest strengths. For example, basketball-great Michael Jordan’s succes s on the basketball court led to hundreds of millions of dollars’ worth of sales of Nike’s Air Jordan line of products. Tennis, golf, and soccer are other sports where the Nike brand has made a large impact on fashion, style, and sports equipment. McDonald’s is another company whose marketing success has made it the world’s largest food service retailer. It serves millions of customers around the world and has franchises in more than 100 countries. McDonald’s reaction to consumer trends and expectations is what has risen this empire to the top. The consistency of the restaurant’s product maintains its customer base and meeting social consumer needs by sharing nutritional information and providing healthy menu options continues to grow its customer base as well. Last but certainly not least, Apple is quite possibly the world’s best marketing company. Steve Chazin, former Apple marketing executive and consumer marketing expert curr ently maintains a blog and has published and eBook highlighting Apple’s five secrets of marketing to become the world’s most valuable company. He condensed the secrets from what he learned throughout his 10Show MoreRelatedDefining Marketing805 Words   |  4 PagesDefining Marketing Colleen P. Dalton MKT/421 November 26, 2012 Stephanie Burns Defining Marketing The purpose of this paper is to define the term â€Å"marketing†, explain the importance of marketing in organizational success, and provide examples from the business world to support the explanation of its importance. Upon completion of this paper it should be understood what Marketing means and its importance in today’s society. Marketing There are many definitions of the term â€Å"marketing†Read MoreDefining Marketing981 Words   |  4 PagesDefining Marketing What is marketing? 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