What is Marketing?

MarketingMatt HoranBUS307What Is Marketing?Professor WatleyFebruary 12, 2014

What Exactly is Marketing?"Marketing is getting the right product or service in the right quantity, to the right place, at the right time and making a profit in the processMarketing looks at customer needs and gets the product/service to them in a profitable mannerIncludes advertising, distribution, placement, communication, etc(Marketing, 2014)What Constitutes the Field of Marketing?Four Ps of the field of marketing:ProductPlace-includes distributionPricePromotion

(Lamb, Hair, & McDaniel, 2013)What do Marketing Practitioners do?Design marketing strategies to help a business growPromote products/services and brand imageOrganize a marketing planStay in contact with clients and employeesPresent valid research

(Lake, 2014)What are the Competencies Required to be a Successful Marketing Practitioner?Innovative thinkingAbility to communicate clearlyWorking in groupsOrganizedPeople skillsAttention to detail

(Lake, 2014)

Is Marketing Necessary for Organizations to be Successful?Marketing helps organizations by:Enhancing brand image and product recall abilityGets the word out on products/servicesHelps organizations to be more competitiveIncreases salesCan improve reputation

(Sims, 2013)ReferencesLake, Laura. (2014). What Does a Marketer Do?. Retrieved from http://marketing.about.com/od/careersinmarketing/a/What-Does-A-Marketer-Do.htm Lamb, C. ; Hair, J. ; McDaniel, C. (2013). MKTG. Roche (Ed.). Mason, OH: South-Western.Marketing. Small Business Development Corporation. (2014). Retrieved from http://www.smallbusiness.wa.gov.au/business-topics/marketing/ Sims, La Mancha. (2013). Why Marketing is So Important for Your Small Business. Retrieved from http://www.business2community.com/small-business/marketing-important-small-business-0611576