The American Marketing Association (AMA) defines marketing as “the activity, set of institutions

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Select any one of the following starter bullet point sections. Review the important themes within the sub questions of each bullet point. The sub questions are designed to get you thinking about some of the important issues. Your response should provide a succinct synthesis of the key themes in a way that articulates a clear point, position, or conclusion supported by research. Select a different bullet point section than what your classmates have already posted so that we can engage several discussions on relevant topics. If all of the bullet points have been addressed, then you may begin to reuse the bullet points with the expectation that varied responses continue.

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.”
Evaluate the strengths and weaknesses of this definition.
Defend how you would change the definition.
Assess whether the definition is clear, accurate, relevant, and current in today’s organizations and society.
Many people think of marketing as only promotion. However, marketing is much more. A common way of understanding the essentials of marketing is using the 4Ps model—product, price, place, and promotion.
Analyze each of the 4Ps and explain how they create value for organizations. Remember, value creation is any type of activity or outcome that will add to the long-term success of the organization. It is more than simply economic value and includes enhancements such as customer good will, employee satisfaction, supplier networks, managerial skills and experience, and ethical or community factors. Creating value can include intangible as well as tangible assets, such as intellectual property and a business plan.
Justify which of the four functions (4Ps) seems to provide the most value to organizations.
Marketing has evolved into a major business function that crosses all areas of an organization. For example, marketing may advise production about how much of the company’s product to make and then may tell logistics when to ship it. Accordingly, marketing influences business practices and it may also have wider influence on society.
Assess the importance of marketing to society.
Evaluate how marketing has changed society.
Analyze how marketing has impacted today’s lifestyle.
A SWOTT analysis helps evaluate current performance and future potential, especially in relation to competitors. Organizations use SWOTT to assess strengths and weaknesses within the organization, threats and opportunities from outside the organization, and trends that might have long-term consequences for the organization and the industry as a whole.
Perform a brief SWOTT analysis on a company of your choice as seen through the eyes of a marketing manager.
Justify some recommendations for overcoming factors that might impede progress of the organization and for taking advantage of factors that could benefit the organization.
Market growth is accomplished by one or more of the following strategies: Market Penetration (increasing market share), Market Development (new markets), Product Development (new products or services), and Diversification (promoting new or expanding existing products to reach a new market). Remember, the diversification strategy stands apart from the other three strategies. The first three strategies are pursued with the same technical, financial, and merchandising resources used for the original product line, whereas diversification usually requires a company to acquire new skills, new techniques, and new facilities.
Assess each of these strategies and provide an example for each category.
Out of the four strategies, choose a strategy that best suits growth in a company of your choice and justify how you would use this strategy.

Sample Solution

Strengths:

  • The definition is comprehensive, encompassing all of the essential elements of marketing.
  • It is clear and concise, making it easy to understand.
  • It is relevant to today’s organizations and society, as it recognizes the importance of creating value for all stakeholders.

Weaknesses:

  • The definition is somewhat abstract, making it difficult to operationalize in practice.
  • It does not explicitly mention the role of marketing in creating demand.
  • It does not mention the importance of marketing research.

How I would change the definition:

I would change the definition to make it more specific and actionable. I would add the following elements:

  • Creating demand: 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 by creating demand.
  • Marketing research: Marketing is based on marketing research, which is the systematic gathering, recording, and analysis of data about customers, competitors, and the environment to identify and define marketing opportunities and problems.

Whether the definition is clear, accurate, relevant, and current in today’s organizations and society:

The definition is clear, accurate, relevant, and current in today’s organizations and society. It is clear because it is easy to understand and it does not use jargon. It is accurate because it accurately reflects the essential elements of marketing. It is relevant because it recognizes the importance of creating value for all stakeholders. And it is current because it mentions the importance of marketing research and the role of marketing in creating demand.

The 4Ps of marketing:

The 4Ps of marketing are product, price, place, and promotion. These are the four elements that marketers must consider when developing and executing a marketing strategy.

  • Product: The product is the good or service that is being marketed. It is important to understand the needs and wants of the target market when developing a product.
  • Price: The price is the amount of money that customers must pay for the product. It is important to set a price that is competitive and that will generate a profit.
  • Place: The place is where the product is available to customers. It is important to make the product available in places where the target market will see it.
  • Promotion: Promotion is the communication of information about the product to the target market. It is important to use a variety of promotional methods to reach the target market.

How the 4Ps create value for organizations:

The 4Ps create value for organizations by helping them to:

  • Attract and retain customers.
  • Increase sales.
  • Generate profits.
  • Build brand awareness and loyalty.
  • Create a competitive advantage.

Which of the 4Ps seems to provide the most value to organizations:

The 4Ps all play an important role in creating value for organizations. However, the 4P that seems to provide the most value is the product. This is because the product is the foundation of the marketing mix. If the product is not good, then the other 3Ps will not be able to create much value.

The importance of marketing to society:

Marketing is important to society because it helps to:

  • Meet the needs of consumers.
  • Provide jobs and economic growth.
  • Promote competition and innovation.
  • Educate consumers about products and services.
  • Protect consumers from fraud and deception.

How marketing has changed society:

Marketing has changed society in many ways. For example, marketing has:

  • Made products and services more affordable and accessible.
  • Increased competition, which has led to lower prices and better products.
  • Made consumers more aware of their choices.
  • Changed the way we think about and consume goods and services.

Overall, marketing is a valuable tool that can be used to create value for organizations and society. The 4Ps are the essential elements of marketing, and they can be used to create a marketing mix that is successful in today’s competitive environment.

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