Concept of Marketing

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. Since you are engaging in research, be sure to cite in the body of the post and add a reference list in APA format. The  excessive use of quotes will directly impact performance since this  indicates a lack of comprehension and shows that you may not have  mastered the concepts.

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.

• 1. 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.
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• 2. 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.

• 3. 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.

• 4. 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.

• 5. 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.

Respond to your peers throughout the week. Justify your answers with examples, research, and reasoning. Your initial posting should be the equivalent of 1.5 single-spaced pages  (700 to 800 words) in length. Be sure to cite your sources using APA  format. Since you are engaging in research, be sure to cite in the body of the post and add a reference list in APA format. The  excessive use of quotes will directly impact performance since this  indicates a lack of comprehension and shows that you may not have  mastered the concepts.