Marketing is an essential facet in the development and success of every organization in today’s business world. This complex term is often used to describe the process that companiey’s use to communicate, deliver and satisfy their consumer’s need and wants. Through the use of plans known as marketing strategies, organizations can set various objectives that may range from informing a target audience about a new product to the sales and distribution of the product. This paper’s intention is to examine the various definitions for marketing and look at the examples that support each definition.
There are countless variations for the definition of marketing. According to Contemporary Business, Marketing is as the means of determining the needs and wants of a target audience. Then taking that information and using it to provide the goods or services that will fulfill or exceed the expectations of that specific target audience (Boone, 2002).
One example that supports this definition for marketing is The Children’s Jewellery Company located in the United Kingdom. This is a small business in the fashion industry whose target market is children. The Children’s Jewellery Company designs and produces unique beaded jewelry for children at reasonable prices. The company has used word of mouth and the Internet to promote its regular products as well as introduce its newest product line. The new line is hair accessories and targets girls and babies that differsdiffer from the Jewellery Company’s jewelry line. Along with its unique products, the company also provides a personalized service for weddings and other special occasions (Company, 2009).
Marketing has also defined as the performance of activities that seek to accomplish an organization’s objectives by anticipating customers’ or clients’ needs and directing a flow of need-satisfying goods and services from producer to customer or client (Perreault, Cannon, & McCarthy, 2002).
Another successful organization that supports the definition for the term marketing is Starbucks. This coffee giant focuses on every aspect of the four P’s. The first P in the mix the company focuses on is place. All of Starbucks’ coffee shops are in high traffic neighborhoods. These neighborhoods include near or on college campuses, malls, and business plazas. With this, Starbucks was last recorded as having over 27,000 stores between the United States and internationally in 2009. Unfortunately, this count included the 900 stores the Starbucks Corporation intended on closing within the United States and the other 900 it planned on opening internationally (Coffeealera, 2009).
Next, the company concentrates on how it promotes its products which is the second p in the marketing mix. With the need to reach such a vast number of consumers, Starbucks uses various types of campaigns. One is a coffee service to businesses provides and delivers hot fresh coffee and pastries to the business. Another is Starbucks donations and support of nonprofit organization in the surrounding communities. By doing so, the company gains free advertising and increases brand and product awareness to potential customers (Bhaskar, 2009. ).
Though the company’s primary product line is coffee it continues to create customer loyalty and continuity through the creation of new and innovative products like coffee liqueurs, prepaid Starbucks card, and smoothies. Along with the innovation and quality of Starbucks’ products comes the price. Though the company has been known to be quite pricey with its products and adjusts its prices accordingly to adapt to economic circumstances and changing competition. Although the company may have the second highest priced cup of coffee next to Dunkin Donuts, it does not stop customers from digging deeper in their pockets for the high quality product and unique Starbucks experience.
Finally, there is my personal definition of the term marketing. My definition of marketing follows: The process of identifying consumer needs, wants, and trends than producing and providing the specific goods or services that fulfill those needs or wants, meeting the high level of consumer satisfaction.A method of introducing, reinventing, promoting, displaying or making a target audience or other consumers familiar with or demand a new or reinvented product or service.
A strong example of organizational success because of the use of extraordinary marketing is McDonald’s. With almost 30,000 stores around the world, the fast-foot giant provides low cost food and meals to more than 50 million customers a day, around the world. Because the fast food restaurant excludes no one from its target audience, it includes everyone in its various promotional campaigns. These campaigns range from mailing flyers that contain coupons for by one-get-one free deals to including Ty Beanie Babies in Happy Meals, and placing pieces of the popular game Monopoly on cups and sandwich containers with the chance to win $1,000,000. Presently, the Golden Arches is running its two for $3.33 promotion. This allows customers a choice of two Fillet of Fishes, two large French Fires or a Fillet of Fish and a large French fry.
Marketing has become a crucial term in the world of business. Though there are numerous definitions of this term, it describes how organizations interact, produce and provide goods and services that meet their customers’ expectations. Without proper implementation of this complex term, organizations struggle to survive and fail to succeed.
References
Bhaskar. (2009, December). Indews.com. Retrieved March 1, 2010, from Starbucks marketing
Mix. Retrieved February 25, 2010 from http://blogs.indews.com/starbucks_marketing_mix.php.
Boone, L. &. (2002). Contemporary Business Brief Edition. Thomson Learning, Inc.
Coffeealera.com. (2009). Retrieved February 27, 2010, from All About Starbucks Coffee:
http://www.coffeealera.com/coffee101/about starbucks coffee.
Company, T. C. (2009). Blogs.Com. Retrieved February 26, 2010, from The Children’s Jewellery Company: http://thechildrensjewellerycompany.com.
Perreault, W.D., Cannon, J.P., & McCarthy, E.J. (2002). Basic Marketing (17th Ed.). : McGraw- Hill.