MARKETING ASSIGNMENT

Marketing Assignment

Marketing Assignment

Marketing is an important part of the business organization; it is more than just promoting and selling a product. Marketing is gratifying the changing needs of the customer. This can be best summed up by the very successful businessman Bill Gates when he quoted, "Your most unhappy customers are your greatest source of learning” (Perreault 2002). The purpose of this paper is to define marketing from at least two different sources; based on these definitions I will explain the importance of marketing in organizational success. Also, I will offer three examples from the business world of the importance of marketing to the organizational success.

Target Marketing

A marketing strategy is a plan identifying what marketing goals and objectives will be followed, and how they can be achieved within a time frame. In a marketing strategy, there are specific target markets to identify. A marketing strategy is needed to provide a "big picture" of what a business's intentions are. Under the marketing concept, a company must find a way to bring the customers needs to the market, and continue to satisfy those needs. This can be established in steps which include analysis of the situation to identify opportunities, the marketing strategy that is formulated, the decisions regarding the marketing mix, and the implementation of a plan.

At this point, the best opportunity is identified; a marketing plan for pursuing the opportunity can be developed. Market research will provide specific marketing information that will allow the firm to select the target market to position their product. The result will be a value proposition to the target market. To make decisions based upon the controllable variables of the marketing mix that is comprised of the four Ps. A marketing mix is the 4P's which are product, place, pricing, and promotion; these are elements in the marketers' arsenal, which are aspects that can be controlled to keep ahead of the competition.

The four Ps are controlled by the marketing manager, they are allowed to make decisions that surround the four Ps of the customers in the target market in order to create perceived value and generate a positive reaction. The marketing mix is the organization's overall offer, or value, to the customer, as well as the total concept and application of the goods or services to be marketed.

Marketing Mix

Marketing mix has been defined as "the controllable variables the company puts together to satisfy this target audience" (Harvey 2000). The marketing mix approach to marketing is a model of creating and implementing marketing strategies. The marketing mix stresses the mixing or blending of various factors in such a way that both organizational and consumer or target markets objectives are attained. The model was developed by Neil Borden in the year 1964. Bordon first started using the phrase back in 1949. Borden claims the phrase came to him while reading James Culliton's description of the activities of a business executive. There are four basics components involved in the marketing ...