Flashcards
What is Marketing? The Origins of Marketing
Cards in this deck (7)
- 1What Is a Market?Economists’ definition: a collection of buyers and sellers who transact in a particular product class
e.g.. phone markets, money markets, the housing market
In marketing, we call the sellers the industry and the market is defined as the set of actual and potential buyers of a product
usually, people who have bought in a particular year
but producer/brand-owner activity will focus on a wider group - 2A Definition of MarketingIdentifying and satisfying customer needs in such a way as to achieve the organization’s objectives for profitability, survival or growth
Brassington & Pettitt (1997) - 3The Marketing MixTHE 4 P’S:
PRODUCT
PRICE
PLACE
PROMOTION - 4The Product/Production EraMid 19th to Mid-20th century
Technological developments/Industrial revolution
Rapid economic growth
Goods were scarce
Manufacturers could simply sell whatever they produced with no effort
Customer demand exceeded the supply - 5The Sales EraLate 20th Century
Markets and technology developed
Machinery in factories was built to produce more, to meet demand
Competition developed
Supply exceeded demand
The focus was on “pushing” the company’s product
Marketing was the name given to departments who simply helped the selling effort - 6The Marketing EraLate 20th/early 21st century +
Organisations began to move away from a “sell what we can make” philosophy to “find out what the customer wants and then we’ll produce it.”
Marketing is now a characteristic of most modern economies
Good marketing is the key to gaining a sustainable competitive advantage
(But there are still companies with the main production or sales orientation) - 7There are different types of marketingCONSUMER MARKETING
FMCG fast moving consumer goods
Consumer durables
ORGANISATIONAL MARKETING
Also known as business to business or industrial marketing
MARKETING OF SERVICES
We’ll be looking at some of the differences and similarities later!
Information
- Description
- Bcs Principles Of Marketing Flashcards on What is Marketing? The Origins of Marketing, created by Liv Miles on 15/03/2018.
- Created by
- Liv Miles
- Views
- 46
- Tags
- Rating