What is Marketing?

DEFINITION: "The management process of anticipating, identifying & satisfying customer requirements profitably." [CIM, 2001]
PROFIT
1. Financial
2. Gain in society
3. Non-profit
PRODUCT BASED BUSINESS: Businesses that produce products are always aiming to offer solutions to customers' "problems".
CUSTOMERS & CONSUMERS
1. A customer BUYS a product/service
2. A consumer USES a product/service
THE MARKETING MIX, [McCarthy, 1990]
1. Product
2. Place (distribution)
3. Price
4. Promotion
5. Physical Evidence
6. Process
7. People
MARKETING IN CONTEXT
1. THE SERVICE PERSPECTIVE: Marketing organised around idea markets increasingly characterised not by physical goods but by intangible services
  1. Intangible, performance-dependent, nature of services affects the way they should be marketed
2. BUSINESS TO BUSINESS PERSPECTIVE: Marketing is different from consumer marketing because customer is a business rather than an individual household/chief shopper
SIMPLE MARKETING EXCHANGE PROCESSES
1. RETAILER: Goods & customer service to CUSTOMER
  1. CUSTOMER: Payment at retail price for goods to RETAILER
2. MANUFACTURER: Goods, credit facilities, return facilities, distribution arrangements, other services to RETAILER
  1. RETAILER: Payment at whatever price for goods to MANUFACTURER
MARKET ORIENTATION:
1. CUSTOMER ORIENTATION: Needs of customer
2. COMPETITOR ORIENTATION: Understand competitors
3. LONG TERM PROFIT: All functions work together to achieve above
4. THREE COMPONENTS OF MARKET ORIENTATION
  1. 1. LONG TERM PROFIT FOCUS
    2. INTERFUNCTIONAL COORDINATION
    3. COMPETITOR ORIENTATION
    4. CUSTOMER ORIENTATION

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What is Marketing?

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