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| Question | Answer |
| What 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 |
| A Definition of Marketing | Identifying and satisfying customer needs in such a way as to achieve the organization’s objectives for profitability, survival or growth Brassington & Pettitt (1997) |
| The Marketing Mix | THE 4 P’S: PRODUCT PRICE PLACE PROMOTION |
| The Product/Production Era | Mid 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 |
| The Sales Era | Late 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 |
| The Marketing Era | Late 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) |
| There are different types of marketing | CONSUMER 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! |
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