Defining Marketing

Essay – Defining Marketing

 
  • Student: Anonymous
  • Textbook: Marketing: An Introduction (9th ed)
  • Course: MKT 421
 

The Definition of Marketing

In its most fundamental form, I would characterize marketing as the procedure of offering an item or product to a client. The primary goal of marketers is simply to satisfy the wants and needs of the consumer. A standout amongst the most broadly acknowledged marketing definitions originates from American Marketing Institute, ““Marketing is creating irresistible experiences that connect with people personally and create the desire to share with others” . An alternate smooth definition originates from Saul Colt of Fresh Books Ltd who says, “Marketing is making powerful encounters that interface with individuals by and by and make the craving to impart to others” (Cohen 2011). Hidden away inside these definitions there is a for all intents and purposes unending measure of multifaceted nature. The marketing business is determined by imagination and obliges firms to plan enrapturing messages to win the hearts and psyches of customers. Various marketing channels exist for organizations to speak with their target client base, such a TV, online networking, immediate offering, and a lot of people more. Eventually, the objective of marketing is to viably convey the esteem that an item gives an individual. In the event that this is carried out effectively, it ought to bring about the individual obtaining the item or administration. The accompanying article will investigate the theme of marketing and highlight its vitality for organizational triumph.

The workflow of marketing encompasses the branding, location, price, and advertising tactics that go into the process of launching and selling a product. If an innovative new vitamin supplement product is being developed from scratch, it is important to create a brand image that will catch the attention of consumers. If a consumer is already satisfied with an existing product, it is crucial that the product design compels the consumer to reconsider the alternatives (Armstrong 2009). Next, it is important that the product finds its way to the right location where consumers can purchase it. There is a wide range of placement options available for this hypothetical vitamin supplement, such as branded storefronts, nutrition shops, magazines, online stores, etc. Once placement has been established, the product must determine a price point that will lead to growth in sales. Depending on the nature of the product, it may be beneficial to establish high pricing as a premium brand, or it may be beneficial to establish lower pricing as a budget brand. Some individuals will seek out top quality vitamins, while others will be more concerned with low prices. Lastly, the process of marketing includes all the efforts related to advertising and promotion. It is essential to use appropriate communication channels to deliver marketing messages to potential consumers. Vitamin supplements are aggressively promoted online and can be found in contextual ads delivered by Google, Yahoo!, and Bing. Businesses should exploit all these marketing tactics together to build a strategy that will lead to organizational success.

A great example of a marketing-driven industry is car insurance. When examined closely, car insurance is a very mundane financial product that is virtually indistinguishable between different firms. This creates a culture where companies must compete very aggressively in the marketing realm. Some of the large players in the US car insurance industry include Geico, Progressive, Allstate, and State Farm. Each of these companies has carved out a very individualized niche within the industry by running targeted advertising campaigns. For example, Geico uses humorous TV ads to convince consumers that they are the low cost leader for car insurance. The common value proposition presented by Geico is that it can save people money with a 15-minute phone call. On the other hand, Allstate takes a more serious tone with its advertisements and focuses on its exceptional coverage. The Allstate value proposition is that their product will give you better peace of mind by providing more comprehensive insurance coverage (Schultz, 2011). As you can see, these companies have managed to reach a vastly different target customer by using very precise television advertisements.

The characteristics of the car insurance example above can also be found in many other industries. For instance, in the emerging tablet computer industry highlights the importance of price in the marketplace. Apple Inc was the first company to develop a commercial tablet computer and has become well established as the premium price leader. Other companies have since released products that come at a lower cost to meet demand at lower price points.  In contrast to the insurance industry, buying decisions are based more on product design and price, as opposed to advertising and promotion. This competitive environment gives consumers many different choices on quality and price in the marketplace.

In brief, marketing is an extremely dynamic and constantly evolving process. New social media technologies have provided new ways for companies to interact with their target consumers. In the future, it can be expected the emerging technology will only provide additional complexity to this equation. Leading companies must find the most effective ways to explain their value proposition to customers. Investing resources into an exceptional marketing strategy will help companies boost their ability to communicate with customers and provide long-term organizational success.

References

Schultz, E. (2011). How the Insurance Industry Got Into a $4 Billion Ad Brawl. Retrieved from

Armstrong, G., & Kotler, P. (2009). Marketing: An introduction (9th ed.). Upper Saddle River,

NJ: Pearson Education.

Cohen, H. (2011). 72 Marketing Definitions. Retrieved form http://heidicohen.com/marketing

definition/

 

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