Defining Marketing Paper
Defining Marketing Paper
Marketing is a huge part of personal and business day-to-day life. People encounter marketing when they turn on the television, go to the supermarket, on billboards while they are driving down the road, and even at their jobs. Usually individuals opinions about marketing is they will think about the most popular business or products out in the world to date such as electronics, places to go, shoes, and clothing brands. In this paper I will be discussing my personal view on what marketing means to me, along with how two other out side source interpret marketing. Furthermore I will ...view middle of the document...
After researching on About.com, they say that marketing is an activity. Marketing activities and strategies result in making products available that satisfy customers while making profits for the companies that offer those products (Lake, 2008). Marketing activities are numerous and varied because they basically include everything needed to get a product off the drawing board and into the hands of the customer (Lake, 2008).
The importance of marketing is easily summed up by Regis McKenna, (2003), “Marketing is everything, and everything is marketing” (Para 3). Marketing is an essential part of any company, and the importance is often hidden. A company’s main priority is to turn a profit. To accomplish this task, the company must create a demand for their product through marketing efforts. Companies often fail to accomplish the research into the development of new products to ensure a demand will exist for the product. In 1985, Coca-Cola was losing the cola battle to Pepsi, and decided to change the flavor of Coca-Cola (Ross, 2005). Blind tastes test performed by the company showed that the New Coke was preferred over the original recipe. However, the company failed to take into consideration public emotion. The company failed to ask, “Do you want a new Coke?” (Ross, 2005, Para 8). According to Keough, Coca-Cola president the company “did not understand the deep emotions of so many of our customers” (Ross, 2005. Para 6). Had Coca-Cola performed more extensive marketing research for the new product, then the product may not have been introduced or the marketing department could have found a different angle to use to make the product profitable.
The importance of marketing is also seen in the release of the iPhone. The company did an excellent job in promoting the product through advertising, however, failed in two other areas of marketing: pricing and placement. Apple created a strong hype over the release of the iPhone, but only released limited quantities. “Once the hype has washed off, they’ll just decide it’s not worth the money” (Observing Polarity, 2007, Para 33). Apple left this market wide open for competitors to release similar products at a cheaper price. If Apple had produced more iPhones for the original release more people would have been able to purchase the phone at the current price tag, thus making more profit for Apple. Now that the hype has died down, people are now less excited about purchasing an iPhone at the current price tag especially when other company’s have also been releasing other products that will be able to compete with the iPhone. Apple’s advertising and promotion of the product were above par; however, the company failed in the placement of the product, which will ultimately affect their profits.
The importance of marketing is not just limited to new products but also well-know established products....