The definition of marketing is the activity of selecting and developing a product by a company, determining its price, where and how it will be distributed and then implementing a strategy to promote the product. According to “Investigated” (2013), Marketing is the activities of a company associated with buying and selling a product or service. It not only involves sales and advertising of the product but also maintaining a relationship with them for continued sales in the future.
Marketing is fined in our book “Basic Marketing” (201 1), as the performance of activities that seek to accomplish an organizations objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client. Marketing is more than Just selling or advertising a product to a consumer in hopes of making a sale. It’s about defining a consumer’s needs and wants and then developing a good that meets those needs. Then coming up with a price that consumers would be willing to pay for the good or service.
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After that an organization needs to find out the best way to get that product to the consumers. And then which stores it should put the good or service in that would attract the most attention to make it convenient for the consumers. This is part of the marketing mix that helps an organization to develop and implement a strategy to promote the good or service. When an organization decides to produce according to consumers’ needs and wants that’s when they will be successful. An organization can produce anything it wants but if a consumer doesn’t need it then the company won’t sale it.
One company that comes to mind is McDonald’s with their new MacAfee. Many consumers enjoy coffee and latter’s but can’t afford to buy at Cutbacks. McDonald’s offers these consumers a cheaper alternative with their latter’s, frapp??’ and smoothies (“McDonald’s”, 2013). With McDonald’s conveniently located with over 34,000 stores and locations in 118 countries, and prices comparatively less than Cutbacks, consumers can have the expensive taste of these coffees without paying the expensive price that Cutbacks charges (“McDonald’s”, 2013). The company that I ark for, Sun Products makes laundry detergent, fabric softener and dish washing liquid.
They are the second largest seller of detergents and fabric softener sheets behind Proctor and Gambles Tide and Bounce. Their marketing strategy involved making a quality product consumers could use at a comparative price and conveniently located. They needed a promotion strategy that consumers could recognize that would entice them to try the products. Wish was the “ring around the collar” solution for the everyday working person that consumers could associate with. They also introduced Snuggle into the marketing mix with the Snuggle bear, which made clothes snuggly soft when used (“Sun Products”, 2013).
Both of these products are considerably less than Tide and Bounce, yet offered the same quality service. These products are sold in Walter, Smart, Cam’s Clubs, Costs and other stores to make it convenient for the consumer to purchase. This is a very good example of a marketing strategy that worked. They defined a consumer’s needs, came up with a product, priced it comparatively less than their competitor and placed the products n many different types of stores so that consumers can conveniently purchase these items.
They promoted Wish and Snuggle by defining a need of the “working Joe” with ring around the collar and also of wanting soft clothes. Since the economy has taken a turn for the worse and consumers are looking for ways to save money while still trying to protect the environment and stay “green” another market concept that has taken off is the hybrid cars. Toyota is a very popular brand sold all around the world, when it came out with its hybrid Pries, which is priced around $24,000 it was a win/ in situation for Toyota and consumers.
Toyota marketed the hybrid as a more economical way to save gas with 48 to 51 miles per gallon vehicle which saved money on the pocketbook but also the environment as well. Toyota also emphasized their 5 star overall safety rating the car had (“Toyota”, 2013). Toyota seen the need consumers had to protect the environment; making the Pries not only helped with that it had a high safety rating, looked good and was economically priced to fit even a tight budget that consumers were feeling. These are Just three examples of what arresting is.
Marketing is the activity of selecting and developing a product by a implementing a strategy to promote the product. McDonald’s did this with the MacAfee’, Sun Products did this with Wish and Snuggle and Toyota did this with the hybrid vehicle the Pries. These were three different products that met consumers’ needs and these companies’ products, priced, placed the products conveniently for the consumers and promoted these products so consumers would want to purchase them. These are examples of companies successfully meeting consumer needs and asking a profit while doing it.