Marketing Essay

899 WordsMar 31, 20134 Pages
Business Marketing Proper marketing and a comprehensive marketing plan enables companies to better introduce new products, ideas or services to consumers. Having product recognition, prior to the release of the product, provides companies with an easier time in selling new products to consumers. Marketing a product to a specified and identified target audience ensures that there is a real need or perceived want for the product. This is critical for a new product to succeed. Marketing consists of many facets, including researching the age, gender, and demographics of the audience, and identifying competitors and how they may affect the introduction of the new product. I believe marketing to be the culmination of market analysis and data research from similar industries that informs the company of how and where to advertise, and to whom. What is Marketing? The Business Dictionary from Web Finance Inc. defines marketing as a process that moves a good from concept and into the consumers’ hands. According to the Small Business Administration (SBA), marketing is the “need to attract and then work to retain a large base of satisfied customers”. (U.S. Small Business Administration, 2013). I believe both definitions are accurate but leave out a lot of facets of marketing. Why is Marketing Important? Marketing is important in organizational success so as to guide a company in introducing a new product or service. Without establishing a plan, a company could market to the wrong audience, in the wrong area, or through an incorrect media. If a company were selling a product geared towards the older generation, they would likely not focus on advertisements in college town papers. Identifying the intended purpose of the product, who will be using it, and the median wage of the user, will allow a company to focus its’ marketing costs in a more direct manner.

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