In today’s business world, marketing is an effective tool in order for businesses to succeed in retail development for customers. To understand marketing, the perception of its definition is very important. People see marking from different points of view forgetting some of the most fundamental functions. Marketing is more than just buying or selling. Here are three marketing definitions from different prospective:
As a personal definition, marketing is the heart of a business. Marketing is responsible to accommodate the customer needs by adjusting products or services. Some of these adjustments are such as prices, hours, product quality, product quantity, custom made product, or special service. A good example of marketing is taking place at Pacific Hospital of Long Beach. The marketing department is responsible for identifying the needs of the patients to increase the customer base and in turn boost net profit and repeat customers for services rendered from the facility. Some of the issues that were addressed by the marketing department that do satisfy the needs of the patients are: providing quality services at a competitive price, free transportation for surgeries at the facility, hotel accommodations when patients are from out of town for the family members, private rooms during the patients stay, a home like atmosphere in the patient rooms to make the patients more at ease, extra meals for visitors, and financial aid. Providing these extra services gives the customer more options to choose from when determining which facility to use. By providing these extra services, the marketing department has increased the customer flow (daily census) to the hospital, and the hospital has achieved some of the companies stated business goals, specifically, an increase in profitability, and contributing to the business growth.
Another marketing definition would be marketing is the developing and positioning an e-content product someone who will want to buy (Scott, 2004). In this definition, marketing will define a product in which customers will want to buy. Then the development of the product will take place. Here is a good example. Fast food restaurants need to compete with each other on pricing and new products. Marketing is responsible to create these new products. The marketing department of each firm will perform research for a product that customers will buy such as when McDonalds created a successful meal for children, the happy meal. The happy meal includes a toy with the meal and an attractive toy box that most of the children want to have. When the marketing research revealed that children from ages two to 10 years old were very interest in the toy more than a regular meal, the marketing department concentrated on the development of the happy meals brand creating new and very attractive toys on a season basis. This product or marketing tool increased sales for Mc Donald’s business.
Here is the last definition of marketing. Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals (Kotler, 2001). This definition gives the understanding that marketing is not only about advertising, public relations, product placement, or promotions. Marketing focus more on the satisfaction and needs of a customer as this relates to business. The process brings together the four “P’s” and other factors using a well thought-out plan to achieve the companies marketing goals. These goals are to retain old customers and achieve new ones, and at the same time increase the business profitability.
In conclusion, marketing is an important factor that will contribute to a businesses success. Marketing will assist any business or organization to succeed in the most cost-effective way. An effective marketing tool will reduce costs and can increase profitability for any business or organization. Marketing will assist businesses to achieve any business goal, and at the same time can increase customer satisfaction. When a customer is satisfied, customers will be loyal to that business, and this action will contribute to the businesses growth potential. Marketing is not only about buying and selling. Marketing is also about satisfying customers and the companies needs.
References
Kotler, P. (2001). Marketing Management, Millennium ed. Upper Saddle River, NJ: Pearson.
Scott D. M. (2004, April). Buying and Selling. But what about marketing? Econtent, 27(4) 48.
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