Defining Marketing

Paper Summary:

The paper reveals that there is more to marketing than previous definitions infer since the need for managing the entire customer experience has now become the most strategically important relationship companies have. The paper also notes the need for immediacy and transparency in organizations. The paper discusses the importance of marketing in organizations and focuses on companies that excel at marketing, specifically, Proctor & Gamble, Hewlett-Packard and Toyota.

Outline:
Introduction
Marketing Definitions Are Changing Rapidly
Importance of Marketing in Organizations

From the Paper:

"The essence of marketing and its definition is the creating, enhancing and sustaining customer relationships all based on accurate and timely information provided to customers and prospects throughout the purchasing cycle or process. In defining marketing the concept of the customer relationships are more critical and relevant than any mechanistic or overly calculated set of metrics to evaluate just how effective marketing. In defining marketing as the creating, enhancing and sustaining of customer relationships there is also the explicit assumption of trust being earned and retained on a global scale (Sustar, Sustar, 2005). Exacerbating this need for trust being the foundation of marketing is how transparent interactions with customers are becoming due to social networking and Web 2.0 technologies (Bernoff, Li, 2008)."

Sample of Sources Used:

• Josh Bernoff, Charlene Li. (2008). Harnessing the Power of the Oh-So-Social Web. MIT Sloan Management Review, 49(3), 36-42. Retrieved September 2, 2008, from ABI/INFORM Global database. (Document ID: 1458948591).
• E Constantinides (2006). The Marketing Mix Revisited: Towards the 21st Century Marketing. Journal of Marketing Management, 22(3,4), 407-438. Retrieved September 2, 2008, from ABI/INFORM Global database. (Document ID: 1057129551).
• Michael D'Esopo, Eric Almquist. (2007). An approach to mastering the marketing mix. Business Strategy Series, 8(2), 122-131. Retrieved September 3, 2008, from ABI/INFORM Global database. (Document ID: 1374488541).
• Abel P Jeuland, Steven M Shugan. (2008). Managing Channel Profits. Marketing Science, 27(1), 49-51,142,144. Retrieved September 2, 2008, from ABI/INFORM Global database. (Document ID: 1456935621).
• Natalia Vila Lopez (2004). Marketing Mix and the Internet: Globalisation or Adaptation. Journal of Euro - Marketing, 13(4), 31-58. Retrieved September 2, 2008, from ABI/INFORM Global database. (Document ID: 785170691).

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