Defining Marketing

Defining Marketing

MKT/421

July 22, 2013

Stephanie Jensen

Defining Marketing

The definition of marketing is the activity of selecting and developing a product by a company, determining its price, where and how it will be distributed and then implementing a strategy to promote the product. According to "Investopedia" (2013), Marketing is the activities of a company associated with buying and selling a product or service. It not only involves sales and advertising of the product but also maintaining a relationship with them for continued sales in the future.

Marketing is defined in our book "Basic Marketing" (2011), as the performance of activities that seek to accomplish an organizations objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client. Marketing is more than just selling or advertising a product to a consumer in hopes of making a sale. It's about defining a consumer's needs and wants and then developing a good that meets those needs. Then coming up with a price that consumers would be willing to pay for the good or service. After that an organization needs to find out the best way to get that product to the consumers. And then which stores it should put the good or service in that would attract the most attention to make it convenient for the consumers. This is part of the marketing mix that helps an organization to develop and implement a strategy to promote the good or service.

When an organization decides to produce according to consumers' needs and wants that's when they will be successful. An organization can produce anything it wants but if a consumer doesn't need it then the company won't sale it. One company that comes to mind is McDonald's with their new McCafe. Many consumers enjoy coffee and latte's but can't afford to buy at Starbucks. McDonald's offers these consumers a cheaper alternative with their latte's, frappe' and smoothies ("Mcdonalds", 2013). With McDonald's conveniently located with over 34,000 stores and locations in 118 countries, and prices comparatively less than Starbucks, consumers can have the expensive taste of these coffees without paying the expensive price that Starbucks charges ("Mcdonalds", 2013).

The company that I work for, Sun Products makes laundry detergent, fabric softener and dish washing liquid. They are the second largest seller of detergents and fabric softener sheets behind Proctor and Gambles Tide and Bounce. Their marketing strategy involved making a quality product consumers could use at a comparative price and conveniently located. They needed a promotion strategy that consumers could recognize that would entice them to try the products. Wisk was the "ring around the collar" solution for the everyday working person that consumers could associate with. They also introduced Snuggle into the marketing mix with the Snuggle bear, which made clothes snuggly soft when used ("Sun Products", 2013). Both of these products are considerably less than Tide and Bounce, yet offered the same quality service. These products are sold in Walmart, Kmart, Sam's Clubs, Costcos and other stores to make it convenient for the consumer to purchase. This is a very good example of a marketing strategy that worked. They defined a consumer's needs, came up with a product, priced it comparatively less than their competitor and placed the products in many different types of stores so that consumers can conveniently purchase these items. They promoted Wisk and Snuggle