Mkt 421 Defining Marketing

In: Business and Management

Submitted By Steven2012
Words 1031
Pages 5
Defining Marketing

A person can define marketing in a number of ways. It can evolve from a simplistic approach to one with much more depth. After evaluating the trend of the definition, the term can then be placed with a company to evaluate its success or failure with applying marketing strategies. This paper discusses Shimano Inc.’s approach toward consumer, business, and global markets.
Definition of Marketing
People have a number of interpretations for the term marketing. One person may construe the concept as an advertisement ploy in which a seller attempts to offer goods or services to an individual or group for a cost. The American Marketing Association (AMA) can build upon this raw observation. The AMA (2007) states “Marketing is 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.” Four years after the AMA defined marketing, another set of authors defined marketing in a similar form but included a strategic approach. Perrealt (2011) states “Marketing is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client” (p. 6). The distinction between the last two formal statements may arise from the financial meltdown that occurred at the end of the decade (Lim, 2009). Marketing adapts and evolves as global needs change. It is more complex than a concept. Marketing serves as a valuable financial tool for organizational success.
Importance of Marketing
A number of companies understand the importance of marketing. Shimano Inc. captures consumer, business, and global markets (Kotler, 2012). This company manufactures cycling, fishing, and rowing products (Shimano, 2012). A…...

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