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MKT 421 Week 1 Individual Assignment Defining Marketing


MKT 421 Week 1 Individual Assignment Defining Marketing fin571

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MKT 421 Week 1 Individual Assignment Defining Marketing
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This 0 page Study Guide was uploaded by an elite notetaker on Wednesday November 11, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 23 views.


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Date Created: 11/11/15
DEFINING MARKETING Defining Marketing Name MKT421 March 21 201 1 Instructor DEFINING MARKETING 2 Defining Marketing Marketing plays a huge part in the consumer s everyday life and encourages economic growth and development for all One key reason is that marketing encourages research and innovation through the development and spread of new ideas goods and services Perreault Jr PhD Cannon PhD amp McCarthy PhD 2009 p 6 We are introduced to marketing from the time we wake up to the time we go to bed Marketing comes in many forms such as commercials on the television to the billboards we pass on our way to work there are the ads on the Internet and the list goes on This paper will cover three definitions of marketing which will include the importance of marketing to an organization Included in paper will be three examples of marketing success stories which will offer a clearer view on the importance of marketing Marketing De ned The writer s definition seems to be a little off target once she read up on the subject of marketing The writer simply thought of marketing as a way to encourage consumers to purchase products by any mean available to persuade the consumer to do so However after some reading on the matter the writer has come to realize that there are two forms of marketing micro marketing and macromarketing Micromarketing is viewed as a set of activities performed by organizations whereas macromarketing is viewed as a social process Perreault Jr PhD Cannon PhD amp McCarthy PhD 2009 Micromarketing consist of the activities performed by the organization to anticipate the wants and needs of its customers and clients This is done through satisfying the needs of the consumer by offering goods and services the consumers are looking for This focuses the DEFINING MARKETING 3 organization to place its efforts in forecasting the needs of the consumer in the future and how to best provide for these needs Macromarketing is more considered with the social process This process is concerned with ow of goods and services from the producers to the consumers Macromarketing is concerned with effectively matching supply and demand and ensuring the objectives of society are meant Importance of Marketing in Organizational Success With the introduction of the Internet and the ever expanding global economy today s organizations must have a strong marketing team A marketing team that can predict the consumer s needs and provide a solution to meets those needs No matter what the organization forprofit notforprofit or even governmental organizations marketing is the key to the financial success of every organization Three Examples of Organizational Success Because of Marketing The first success story to come to mind is the iphone Before the first iphone was on the market Apple had begun their marketing campaign They used television commercials billboard advertisements and even Internet ads to keep the consumer interest Then they launched a campaign which introduced different elements of the new phone First it was advertised as the next generation ipod Now the consumers can have their music and phone all in one device The next set of advertisements introduced the touch screen function while the last set of advertisements introduced the ability to use Google maps play movies music videos and even television shows The marketing team sure knew what they were doing in this campaign DEFINING MARKETING 4 The next success story comes out of Nintendo and the introduction of the Wii Once again the marketing team knew what they were doing when they created this product The success of the Nintendo Wii stems from the interactive gaming system which makes you get up and play This was a welcome change to parents which wanted to see their children physically moving and not just setting on the couch playing a game The price of the gaming console and interactive games were set at prices competitive with other gaming unit which was another reason for their success Then Nintendo introduced the Wii Fit Plus which drew in an even larger group of consumers considered about their own personnel health and fitness There are numerous stories and articles online discussing the uses of the Wii gaming system to help children with all types of disabilities The last success story began in 1886 The CocaCola Company It began as a fragrant caramelcolored liquid combined with carbonated water and is still around today The CocaCola Company 2008 Now we know the product has changed over time but CocaCola s commitment to selling a product which interest everyone s taste has not changed Now in the beginning the new lines of product centered on a different variety of soda products Then the interest grew more in the direction of diet soda Now the company has a portfolio of more than 3500 beverages from diet and regular sparkling beverages to still beverages such as 100 fruit juices and fruit drinks waters sports and energy drinks teas and coffees and milkand soy based beverages our variety spans the globe The CocaCola Company 2011 Once again it seems the marketing teams throughout the years have known what product to produce and how to market those products to the consumer in a way that attracts consumers DEFINING MARKETING 5 The success of marketing shows through in the success of the organization The marketing team must first determine who the market Will be What their wants or needs are What price is right for the product or serVice and the most attractive way to sell the product or serVice Once the marketing team has this information they can carefully develop the product or serVice needed to fullfill the consumers needs They are also able to meet the needs of our changing economy to meet the consumer s needs in the future DEFINING MARKETING References Perreault Jr PhD W D Cannon PhD J P amp McCarthy PhD E J 2009 Basic Marketing Retrieved from httpsecampusphoenixeducontenteBookLibrary2contentTOCaspx assetdataid44cOc99516b94dc6a7853d407d198d3eampassetmetaid599e31b565dd409b 8023ca954ff0dd1 1 The CocaCola Company 2008 Heritage Timeline Retrieved from httpheritagecoca colacom The CocaCola Company 2011 Products Retrieved from httpwwwthecoca colacomDanvcombrandsbrandlisthtm1


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