What is Marketing?

Stephanie Natasha
Mind Map by Stephanie Natasha, updated more than 1 year ago
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Description of the basis of marketing fundamentals to be expanded on.

Resource summary

What is Marketing?
1 DEFINITION: "The management process of anticipating, identifying & satisfying customer requirements profitably." [CIM, 2001]
2 PROFIT
2.1 Financial
2.2 Gain in society
2.3 Non-profit
3 PRODUCT BASED BUSINESS: Businesses that produce products are always aiming to offer solutions to customers' "problems".
4 CUSTOMERS & CONSUMERS
4.1 A customer BUYS a product/service
4.2 A consumer USES a product/service
5 THE MARKETING MIX, [McCarthy, 1990]
5.1 Product
5.2 Place (distribution)
5.3 Price
5.4 Promotion
5.5 Physical Evidence
5.6 Process
5.7 People
6 MARKETING IN CONTEXT
6.1 THE SERVICE PERSPECTIVE: Marketing organised around idea markets increasingly characterised not by physical goods but by intangible services
6.1.1 Intangible, performance-dependent, nature of services affects the way they should be marketed
6.2 BUSINESS TO BUSINESS PERSPECTIVE: Marketing is different from consumer marketing because customer is a business rather than an individual household/chief shopper
7 SIMPLE MARKETING EXCHANGE PROCESSES
7.1 RETAILER: Goods & customer service to CUSTOMER
7.1.1 CUSTOMER: Payment at retail price for goods to RETAILER
7.2 MANUFACTURER: Goods, credit facilities, return facilities, distribution arrangements, other services to RETAILER
7.2.1 RETAILER: Payment at whatever price for goods to MANUFACTURER
8 MARKET ORIENTATION:
8.1 CUSTOMER ORIENTATION: Needs of customer
8.2 COMPETITOR ORIENTATION: Understand competitors
8.3 LONG TERM PROFIT: All functions work together to achieve above
8.4 THREE COMPONENTS OF MARKET ORIENTATION
8.4.1
8.4.1.1 LONG TERM PROFIT FOCUS
8.4.1.2 INTERFUNCTIONAL COORDINATION
8.4.1.3 COMPETITOR ORIENTATION
8.4.1.4 CUSTOMER ORIENTATION
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