Marketing 310-UMGC Week 1 Discussion

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Feb 20, 2024

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TOPIC 1: AMA Definition of Marketing PROMPT: Discuss at least three components of the AMA marketing definition (creating, communicating, delivery, exchanging) that are affected by the free choice of consumers. Then, give one example of how you were influenced to choose an offering based on one of these components. Marketing is one of the vital components that plays a major role in the success and/or failure of a business. Based on this week’s required reading, The American Marketing Association defines marketing as the functions and processes for creating, communicating, delivering, and exchanging offerings that have value for consumers (American Marketing Association, 2017). The four main components of marketing that are affected by the free choice of consumers are creating, communicating, delivering, and exchanging offerings (UMGC, Chapter 1-What is marketing?, 2023). Creating value is essential to marketing because this is the process of developing products/goods and services that meet the needs and wants of the consumers and provide offerings that will appeal to the consumers and benefit the company (UMGC, Chapter 1-What is marketing? 2023). There is a lot of collaboration between the consumer and suppliers during the creation process to determine consumers’ preferences, analyze the current market trends, and ensure the goods and services can adapt and change as the market changes. The goods and services will continue to offer value to ensure the retention of the consumers (UMGC, Chapter 1-What is marketing? 2023). Creating gives consumers, the free choice to select goods and services that best suit their preferences and helps marketers to develop innovative strategies to attract their target audience. For example, a consumer looking to lose weight but does not have the time to go to the gym or shop at MOM’s organic or Whole Foods grocery stores, enjoys the free choice and ability to download workout, Weightwatchers, Instacart, etc apps on their phone. Communication is another vital component of marketing because it is the method used to promote the goods and/or services that a company the best means of communication channels that reach the targeted audience (ie social media, digital media, online advertising, etc). The business must ensure that its marketers are providing clear and concise communication on the goods and services being offered to the consumers and the consumers must have a way to communicate clearly what they expect and need for the goods and/or services to be of value to them (UMGC, Chapter 1-What is marketing?, 2023). Delivering is the component of marketing where the marketers of the business must determine the best delivery channels to use to get the goods and/or services being offered to the consumers to optimize value. Consumers’ free choice to request products to ship directly to

their home address versus local store gives them the freedom to express the value of not leaving their homes to receive goods. Exchanging in marketing is a process that consists of trading value for the offerings (UMGC, Chapter 1-What is marketing?, 2023). Transactions between the consumer and the business providing goods and services occur during the exchange process. The consumer normally exchanges something of value such as money for goods and/or services. The consumer’s free choice affects this component of marketing because the consumer has the final decision on whether or not to make an exchange. For example, if the consumer feels that the goods and/or services are overpriced, they will not exchange and/or go to a competitor offering a better price. In conclusion, marketing requires strategic thinking, data collecting, research, and analysis. According to AMA definition of marketing, the four components of marketing that are affected by consumers’ free choice are creating, communicating, delivering, and exchanging offerings that have value to consumers These effects of consumers' free choice are based on their preferences, consumer behavior, prices, if the value of the goods and/or services align with their preferences, market trends, and can be positive or negative. The goal is to successfully market goods and/or services that will promote a positive exchange experience, and promote great customer services and loyal relationships between the business, suppliers, and consumers (UMGC, Chapter 1-What is marketing?, 2024). Topic 2Since COVID, the food industry had to change and find new ways to stay profitable during the pandemic. Personally, I saw that restaurants and some grocery stores that didn't normally offer delivery start to offer that service through apps like Door Dash and Uber Eats. Partnering up with apps like this helped them continue to stay connected with their consumers during a scary time and compete with prepared meals. Prepared meals and meals kits have become increasingly popular among families and single person homes over the years (Cho et al., 2020). Value is defined as, "the measure of benefit gained from a product or service relative to the items total cost" (University of Maryland Global Campus, 2022). Though value varies from person to person. The prepared meals and meal kits have a high perceived value among consumers because they offer a variety of healthy food at a decent price range that are easy to prepare. Different people value different things; however, I believe that we all value our time. It takes a lot of time and effort to make a healthy meal from scratch everyday and some days people just don’t have the time or energy to do so. There are others who simply don’t know how to cook and don’t have the time to teach themselves on top of job and family obligations. That is what the prepared meals industry understands and what restaurants and grocery stores have picked up on with offering delivery. TOPIC 3 : Perceptions of Marketing

PROMPT: Compare the popular perception of marketing as advertising to the marketing practitioner's organized method of approach. How does marketing reach beyond the concept of advertising to a greater role within organizations? How have you perceived marketing in the past? In comparing the popular perception of marketing as advertising to the marketing practitioner’s organized method of approach, most people believe that advertising is marketing. However, according to this week’s reading marketing is more than advertising and there are differences between both marketing and advertising (UMGC, Marketing as a Value-Creating Organizational Function, 2024). In the past, I have perceived marketing as a means of advertising goods and/or services of a business. After this week’s required eReadings and watching Steve Jobs’ Youtube video, I have gained a different perceptive on advertising and marketing and understand they both serve different purposes in the business world. Advertising is a small component of marketing that takes place after the marketing strategic plans are ready to be implemented. The American Marketing Association (AMA) defines marketing as the “range of activities, functions, and processes for creating, communicating, delivering, and exchanging offerings that have value for others (American Marketing Association, 2017). Advertising would occur during the communication process of marketing and the business/organization will pay different digital media(radio, television, billboards, etc.) and online companies to advertise the goods and/or services it is trying to promote and attract its targeted audience. The biggest difference I can perceive is that marketing is the source, the master plan behind what puts a business idea to the test to see if a business will succeed or fail. Marketing helps businesses achieve their purpose of creating and retaining clientele, bringing and generating revenue, income, and/or profits, creating a brand that consumers will buy into, and offering goods and/or services of value that are beneficial to the buyer (UMGC, Chapter 1-What is marketing?, 2024). If a business’ marketing team is innovative, processes strategic thinkers, researches and analyzes current market trends, produces and implements a strong marketing model, and collaborates with all parts of the business (ie. HR, Sales, Production, and Communication teams), the business idea will be a success, the value will be created for free choice consumers because the business will meet the needs and wants of the consumer, and loyal relationships will be built between the consumer and the business because the consumer can trust that they will receive quality goods and great customer service. In conclusion, advertising is a small component of marketing, Marketing is the process of researching and analyzing, identifying the needs and wants of the consumer, developing the goods and/or services that meet the needs and wants of the consumer, using different channels to promote/advertise the goods and/or services that have been developed, and building and retaining clientele together (UMGC, Marketing as a Value-Creating Organizational Function, 2024). Advertising is used to promote and persuade people to buy into the goods and/or services of business where as marketing is the bridge that

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strategically brings the business and consumers together (UMGC, Marketing as a Value- Creating Organizational Function, 2024). References: American Marketing Association. (2017). Definition of marketing. https://www.ama.org/the-definition-of-marketing- what-is-marketing/ Chapter 1: What Is Marketing? . Marketing Principles is available under a Creative Commons Attribution-NonCommercial. (2024.). https://leocontent.umgc.edu/content/umuc/tus/mrkt/mrkt310/2225/learning-resource-list/ what-is-marketing-.html?ou=702046 Williams, L. (2020, February 5) Introduction to Business (Second Edition). Marketing as a Value-Creating Organizational Function. Lumen Learning. Retrieved from https://leocontent.umgc.edu/content/umuc/tus/mrkt/mrkt310/2225/learning-resource-list/ marketing-as-a-value-creating-organizational-function.html?ou=702046

Marketing 310-UMGC Week 1 Discussion

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