Marketing Defined
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Prepared for Professor Jerome Christia
Marketing BUSN319
November 4, 2007
Marketing Defined 2
Marketing Defined
Over the years, the term "marketing" has been defined, described and redefined in a variety of different ways. Mistaken by many as product advertisement or selling, marketing in itself is bigger than either of these components in successfully capturing and retaining consumer business. Marketing involves and is affected by all members of the primary organization, its stakeholders, suppliers, outside organizations and consumers alike. It is also influenced by social, economic, technological, competitive and regulatory environmental forces which play an important role in developing the organization's marketing plan.
So, what exactly is marketing? "Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of goods, ideas, and services to create exchanges that satisfy individual and organizational goals"
(http://findarticles.com/p/articles/mi_m0LSH/is_3_8/ai_n13254488/). This is the first official definition adopted in 1935 by the National Association of Marketing Teachers, a predecessor of the American Marketing Association (AMA). Due to rapid industrial and technological changes, the AMA adopted and released the following revised definition of the term back in 1985: "Marketing is 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" (http://www.marketingpower.com/content21257.php). It is believed that the latter definition better addresses core operating principles for an organization, places much needed emphasis on the integration of shared goals throughout an...
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