MKT421 Wk 1 Defining Marketing Paper
MKT421 Wk 1 Defining Marketing Paper
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Date Created: 11/12/15
Defining Marketing How is marketing defined What is its importance in a company s success This paper Will discuss and explain different definitions of marketing along With a definition of author himself In addition this paper Will elucidate the importance of marketing by giving three examples Where marketing was adapted With few mistakes resulting in disaster Personal Definition of Marketing The author believes that marketing consists of all the steps taken by a company to create interest of public in a product and attracting them into purchasing Advertisements and sales promotion techniques are a part of this process Brie y every activity undertaken in order to ensure sales can be counted under marketing Definition of Marketing by KnowThiscom According to KnowThiscom marketing is the strategies and tactics used to identify create and maintain satisfying relationships With customers that result in value for both the customer and the marketer KnowThiscom 2009 p 3 Main elements in this are strategies and policies This includes identifying needs creating productservice satisfying a customer and then maintaining the relationship With them KnowThiscom believes strongly in strategies and tactics and thinks of these as foundation stones of marketing and this marketing success will eventually lead to success of the whole company Identification of information regarding customer s demands market trends and even competitors is essential in formulating an effective marketing plan Next step includes creation and execution of a marketing plan that will bring in the customers and retain them Next two steps include providing and maintaining a satisfying relationship with customers and delivering maximum value for both customers as well as marketers Simply speaking the company needs to make sure in the last two steps they are not only providing the best product but also the best experience to the customers Definition of Marketing by American Marketing Association AMA According to AMA American Marketing Association marketing is defined as the activity set of institutions and processes for creating communicating delivering and exchanging offerings that have value for customers clients partners and society at large AMA 2007 They believe that the marketing function is the essential link between customer and the company They collect information regarding customers and market conditions and then act accordingly to help in fulfilling the needs and wants of customers Information is the key element in marketing process because all the further actions are based on it A good marketing plan designs the method for collecting information manages and implements the data collection process analyzes the results and communicates the findings and their implications AMA 2007 Importance of Marketing in Organizational Success Marketing is one the most important functions in an organization It is equally important for both production business as well as services business Every business want to earn good profit and this can only happen when the company sells its products and services up to a certain level The product can only sell when it has sufficient demand in the market With today s extreme competition it has become imperative to rely on effective marketing to create the demand In most cases normal demand is there but marketing targets it in such a way that it becomes a need of people An effective campaign not only stimulates needs and wants but also motivates people to get up and purchase the product This results in more and more people buying the product thus giving the company much needed profit Example One Walt Disney Corporation Walt Disney s projects have a global reach and whenever they think of starting a new project overseas many factors come into play Marketers face new challenges as a new theme park is planned and executed Similar thing happened when The Walt Disney Corporation opened the Euro Disney theme park The crowd on the opening day turned out to be far less than anticipated Some French people even protested against it as they thought it would spoil their French culture It was evident that Disney has failed in marketing their latest theme park effectively Just a short time after Euro Disney was opened in time on April 1992 it was obvious that reality would not meet the plans Recklies 2006 The marketing plan showed more than a few mistakes although the marketing department at Disney spent a considerable time designing it Dagmar Recklies claims biggest part in this failure was of poor information gathering Other factors included cultural issues property market expansion higher prices and poor market situation analysis Recklies 2006 It took Disney a few years and extensive research in remodeling the planning and marketing strategy and they renamed the theme park to Disneyland Resort Paris Only after this redesign did the theme park began to earn Disney Co This case of Walt Disney Company is an example for all marketers that they need to keep in mind certain factors when devising a marketing plan Their case shows inappropriate market analysis and poor placement of products and services They kept the same approach in marketing the Euro Disney as they had marketed the original Disneyland They failed to see that they would be offering the product in a different country with different cultural values and traditions These are not small things to overlook but sometimes such mistakes happen and are cause of heavy losses to the company Example Two Apple Apple is almost unchallengeable when it comes to marketing a product in the most desirable way Back in 2007 they launched their iPhone but they started their marketing was planned way before that Market was rushed off its feet by announcements of all the great features and facilities iPhone was bringing Their marketing strategy was awless but they failed at the pricing and placement fronts They built such excitement before the launch that no one could stay unaffected Once the hype has washed off they ll Customers just decided it s not worth the money Observing Polarity 2007 HI 33 On the Apple s side they were not able to cope with the extreme demand of iPhone This allowed its competitors to launch similar phones to get a share of the hype Many other companies released touch phones with similar features and customers who were not able to secure an iPhone went to other companies Apple should have anticipated the demand and had to have ample supply before the sale but that did not happen Precious profits and even more precious customers were lost only because of this demandsupply lag Blackfriars Marketing shed some light on Apple s pricing strategy in an article called The gutsy marketing and strategy behind Apple39s iPhone price cut and stated that they will decide the price cut based on people s interest and demand of iPhones They will not reduce the price until the buildup is there and when it will start to come down Apple will cut the prices A constant set of features will move down the price scale to more valueoriented price points but Apple will introduce new and even more desirable products at the old price points And so long as it can keep that engine going it will make money hand over fist And the rest of the handset makers will bang their heads against the wall trying to figure out how they do it Blackfriars Marketing 2007 HI 18 Actually Apple has a great marketing department and it uses it very well They recover quickly from any issue that comes their way In this case they got the supply and then lowered the prices to attract the customer Due to such smart strategies Apple is known to have awless marketing strategies and it provides customers with reliable phones This combination converts ordinary customer into loyal ones that prove to be source of high profits for the company This example shows that Apple did a great job at the marketing front but failed at the market demand and supply anticipation Similarly any company can market its products so well that customers are forced to buy it but can make other mistakes that result in huge losses Thus all the fronts should be adequately covered when launching a product because there is very little tolerance for errors in today s dynamic and extremely competitive market Marketers must remember that The public has become so jaded by the lack of service and delivering on promises that they re actually happy when they get even the simplest of service that should have come as standard And when you make an effort to deliver more than you said you would your business will grow in leaps and bounds Observing Polarity 2007 HI 45 Example Three Johnson and Johnson Old products of a company can also use some marketing just like new ones In 2005 Johnson and Johnson were forced to recall their two products Children39s Tylenol Meltaways and SoftChews There was problem with the packaging of Junior Tylenol Meltaways The recall was based on FDA concerns that the design of the blister package and the phraseology of information on the blister blister package and bottle cartons may be confusing to consumers and lead to improper or excessive dosing according to an alert sent last Friday from MedWatch the FDA39s safety information and adverse event reporting system Waknine 2005 HI 2 Similar was the case in 1982 when Johnson and Johnson was forced to recall Tylenol because it some quantity of cyanide was found in it Company acted swiftly just as they acted in 1982 and recalled all their Tylenol products from the market This quick and decisive action showed customers that the company cares more for their wellbeing and health than their own profits Loyal customers stood with the company due to the good faith gesture shown by company and helped it in getting back the lost market share The situation in this case seems bleak when one reads of the huge recall but we see that the company was able to recover with good marketing strategy This example shows that great marketing can fix almost all the mistakes a company makes Conclusion A good marketing strategy can immensely benefit a company while a poor marketing plan can cost the company dearly Marketing implies brilliant and unique ideas to spark interest of customers in company s products and encourages them to buy that product Three definitions of marketing were explained including one by the author himself In the next step three cases of different marketing campaigns were discussed each of which had some problem and it showed how effective marketing could help a company In first case Disney did not understand the cultural difference and suffered Marketing strategy was changed and it worked In the next example Apple made error in calculating demandsupply situation and faced lost customers They were regained through change in marketing strategy In the final example a huge recall was made but company managed to retain its loyal customers through effective marketing Bottom line is targets can only be achieved though good marketing strategy and it will not only earn the company high profits but will also give it loyal happy and satisfied customers References American Marketing Association AMA 2007 De nition of marketing Retrieved June 10 2010 from URL httpwwwmarketingpowercomAboutAMAPagesDe nitionofMarketingaspx BIackfriars39Marketing September 20 2007 The gutsy marketing and strategy behind Apple39s iPhone price cut Retrieved June 10 2010 from URL httpwwwblackfriarsinccombog200709gutsymarketingandstrategy behind KnowThiscom 2009 what is marketing de nition Retrieved June 10 2010 from URL httpwwwknowthiscomtutorialsprinciplesof marketingwhatis marketingde nitionof marketinghtm Observing Polarity 6302007 iPhone equals igreedy marketing blunder Retrieved June 10 2010 from httpwwwobservingpolaritycomcreativityiphone equalsigreedymarketingblunder Recklies D 2006 Euro Disney 00 Case Study Retrieved June 10 2010 from URL httpwwwthemanagerorgMEDisney1htm The Walt Disney Company nd The Walt Disney Company Overview Retrieved June 10 2010 from httpcorporatedisneygocomcorporateoverviewhtml Waknine Y 662005 Medscape websiteNationwide Recall of Pediatric Tyeno Tablets Retreived June 10 2010 from URL httpwwwmedscapecomviewartice506054print
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