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What is marketing? What is the definition of marketing? Having a good marketing strategy is an important part of a company’s success and having a poor marketing strategy can be detrimental to a company. Marketing uses many different sources to spark the consumer’s interest in the product or service. This paper will explain different definitions of marketing as well as the author’s own definition. In addition, this paper will show why marketing is important by providing three examples where marketing was used to promote a product but had severe issues.
When defining marketing, the author believes that marketing is the steps in which a company takes to spark interest or entice consumers to purchase their products. Sales, promotions, and advertising are all a part of a company’s marketing. In the end, marketing can be summed up and defined simply by understanding that anything a company does to ensure the sale of their product is considered marketing.
KnowThis.com defines marketing as “the strategies and tactics used to identify, create, and maintain satisfying relationships with customers that result in value for both the customer and the marketer” (KnowThis.com 2009, p. 3). The key terms are strategies and tactics, identify, create, maintain, satisfying relationships, and value with customers and the marketer.
KnowThis.com believes that strategies and tactics are the foundation of marketing and assist in a company’s long-term marketing success. The next step of marketing is the function of identifying the information of customers, markets, competitors so that the marketing plan will be a success. The third step in their plan is to create and maintain a marketing plan that will allow room for the company to gain potential customers and keep them. The final two steps consist of satisfying relationships with customers and giving the best value for customers and marketers. The best way to define these two steps is to say that it’s where the company makes sure that they are providing the best possible product and experience for the customers.
The American Marketing Association (AMA) defines marketing as “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” (AMA, 2007). The AMA believes that marketing is the function that potentially links the customer/consumer to the company/marketer. This is done by information that identifies the marketing opportunities available to the company. Information is the key to good marketing and the AMA shows that by discussing methods of gathering and addressing issues, “designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications” (AMA, 2007).
Marketing is an important and essential part of any companies continued success when producing and selling products and services. For a company to be successful they must turn a profit and to do this the company must market their product in a way that draws new customers as well as retains loyal customers. In order for them to do this the company/marketer needs to create a demand for their product or service through good marketing. When a companies try to set up a successful marketing plan for a new or old product, they have to not only create a demand for the product but make this demand in a way that will provoke more people to purchase their product.
With Disney’s extensive global operations, many external factors exist that the company has to deal with when it comes to marketing a new project. As The Walt Disney Company designs and create new theme parks the marketing team faces new challenges with each opening. When The Walt Disney Corporation built Euro Disney, they found that when opening day came, they did not have the turn out that they expected; some French citizens protested the new Disney Park out of fear that it would damage their culture. This was a key sign that Disney had dropped the ball when it came to marketing the new theme park. “Just a short time after Euro Disney was opened in time on April 1992 it was obvious that reality would not meet the plans” (Recklies 2006).
The Walt Disney Company spent much time designing a marketing plan for the new theme park but made several mistakes. Dagmar Recklies stated that the problems that Euro Disney faced on opening day was due to their problems in gathering information and marketing. Mr. Recklies stated that Disney’s failure of the Euro Disney was due to cultural problem, guest awareness of high prices, development of the property market, wrong assessment of the marketing situation, and overall economical development (Recklies, 2006). After several years and some redesigning of the marketing and planning process by the company, they renamed the park the Disneyland Resort Paris and the theme park was able to regain momentum in the economy (Disney Co.).
The Walt Disney Company shows marketers what can happen when they do not clearly define the market, and gather the proper information about the customer and placement of the services or products. In this example Disney marketed their new theme park as they would locally in the United States but forgot to take in account the fact that they were in a different country and culture. Sometimes this is overlooked and causes the company a devastating loss in their income.
When it comes to marketing Apple has become a leader in this field of supply and demand. In 2007 Apple launched the new iPhones and before they released these new phones, they flooded the market with information announcing all the new features and benefits. Apple did a wonderful job when it came to their marketing strategy but failed tremendously when it came to pricing and placement of the iPhone. When Apple strategized and planned the release of the iPhone, they created such a buying frenzy that there was no enough to go around. “Once the hype has washed off, they’ll [Customers] just decided it’s not worth the money” (Observing Polarity, 2007).
Apple dropped the ball when they didn’t have enough supply for the huge demand for the phone. This allowed competitors a chance to release a similar phone for instance Motorola makes the Blackberry. When Apple originally manufactured the iPhone, they should have had a larger supply of iPhones to meet the demand. By not having adequate supplies of the phone, they eventually lost valuable profits.
Blackfriars’Marketing wrote an article entitled ‘The gutsy marketing and strategy behind Apple’s iPhone price cut’ that talked about how Apple would be cutting the price of the iPhone based upon consumer demand and interest. “A constant set of features will move down the price scale to more value-oriented price points, but Apple will introduce new and even more desirable products at the old price points. And so long as it can keep that engine going, it will make money hand over fist. And the rest of the handset makers will bang their heads against the wall trying to figure out how they do it” (Blackfriars’Marketing 2007). Basically, Apple is very good at recovering when they have a marketing flaw. With the mention problem of not having enough supply Apple slashed their prices to reel back in consumers to purchase their products. Apple is known for making sure that their marketing is flawless and providing loyal customers with reliable products.
The bottom line in this example is that Apple did a great job marketing their new iPhone but blew it when it came to making sure there was enough supply for the demand. With this example it showed that a company can flawlessly market the product causing a buying frenzy but drops the ball when it comes to producing enough supply for the demand. When marketing a product one must keep in mind that “The public has become so jaded by the lack of service and delivering on promises that they’re actually happy when they get even the simplest of service that should have come as standard. And when you make an effort to deliver more than you said you would, your business will grow in leaps and bounds” (Observing Polarity, 2007, ¶ 45).
When a company markets a product it’s not just limited to the marketing of new products but to well-known established products. June 2005, Johnson and Johnson was forced to recall Children’s Tylenol Meltaways and SoftChews; Junior Tylenol Meltaways due to problems with the packaging. “The recall was based on FDA concerns that the design of the blister package and the phraseology of information on the blister, blister package, and bottle cartons may be confusing to consumers and lead to improper or excessive dosing, according to an alert sent last Friday from MedWatch, the FDA’s safety information and adverse event reporting system” (Waknine, 2005, ¶ 2). Johnson and Johnson were faced with an additional recall back in 1982 when Tylenol was found to be laced with cyanide.
In both cases the company worked quickly to recall all cases of Tylenol products. While this cost the company huge profit, the company’s quick response and marketing efforts show that their main concern was the safety of consumers. This lead to many loyal customers staying with the company and they were able to regain the lost market share. With this example the situation looked very oblique and yet the company was able to use marketing strategies to lessen the blow from the recall and gain back the market shares that they lost. Just goes to show that good marketing can fix any problem a company may have.
Having a good marketing strategy is an important part of a company’s success and having a poor marketing strategy can be detrimental to a company. Marketing uses many different sources to spark the consumer’s interest in the product or service. In this paper the author explained two different definitions of marketing as well as the author’s own definition. The paper was successful in showing why marketing is important by providing three examples where marketing was used to promote a product but had severe issues. When Disney marketed Euro Disney they did not take in account that there was a cultural change and that this would play huge in the marketing plan that Disney would have to design to reopen the theme park. With the second example it showed that Apple was successful in sparking the public’s interest in their product but dropped the ball when it came to supply. The third example show how they use marketing when a product must be recalled and how to regain the public’s loyalty and trust in a company. No matter how a company uses marketing bottom line is the better the strategy the more successful you will be.
American Marketing Association (AMA) (2007) Definition of marketing. Retrieved from URL: http://www.marketingpower.com/AboutAMA/Pages/DefinitionofMarketing.aspx
Blackfriars’Marketing (September 20, 2007) The gutsy marketing and strategy behind Apple’s iPhone price cut. Retrieved from URL: http://www.blackfriarsinc.com/blog/2007/09/gutsy-marketing-and-strategy-behind
KnowThis.com (2009) what is marketing/ definition. Retrieved from URL: http://www.knowthis.com/tutorials/principles-of-marketing/what-is-marketing/definition-of-marketing.htm
Observing Polarity. (6/30/2007). iPhone equals igreedy marketing blunder. Retrieved from http://www.observingpolarity.com/creativity/iphone-equals-igreedy-marketing-blunder/
Recklies, D (2006) Euro Disney Case Study I Retrieved from URL: http://www.themanager.org/ME/Disney_1.htm
The Walt Disney Company (n.d.). The Walt Disney Company Overview. from: http://corporate.disney.go.com/corporate/overview.html
Waknine, Y (6/6/2005) Medscape website.Nationwide Recall of Pediatric Tylenol Tablets. Retreived from URL: http://www.medscape.com/viewarticle/506054_print
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