What is Marketting?
Marketing
marketing is a management task that links the
business to the cusomer by iidentifying and meeting
consumer needs profitabily
-achieved by providing the right product at the right price to
the right place at the right time.
related functions include
market research
product design
pricing
advertising
packaging
distribution
customer service
Related concepts
markets
the place where buyers and sellers meet in exchange
physical- groceries and bazaars
abstract- internet
human needs and wants
Needs are requrirements for basic survival as biological beings
wants are broader in perspectiv; requirements to satisy invidual needs like desire for knowledge- not neede for suvival
Marketing managers believe it is their aim to convert human needs to wants by pursuasive prosuct imagery in advertising.
value and astisfaction
a consumer considers a product to have good value if it provides satisfaction at what is thought to be a good price.
marketing objectives and corporate objectives
marketing objectives are the goals set for the marketing department to help the business achieve its overall objectives
>>Marketing strategies are long term plans to achieve these goals.
examples of M.O
market share
total sales
frequency a loyal customer shops
customer satisfaction
brand identity
to be effective; MO, should
fit in with the overall aims of the business
>>reflect aims of the whole organisation and attmpt to aid achve these aims
be determined by senior management-
>>determine trades for the coming years- dealt with management at the highest level
be SMART
communicated effectively to all depatments
importance
prvde sense of direction for the marketing dept.
prgrss be monitrred agnst targets
brkn down into regnl, prdct sales target-allows MBO
form basis of marketing strstegies
coordination with other departments
example
marketing --> finance
use the sales forecasts of the marketing department to help construct cash-flow forecasts and operational budgets.
necessary capital is available to pay for the agreed
marketing budget,
Marketing → human resources
e sales forecasts will be used by human resources to help
devise a workforce plan
ensure that the recruitment and selection of appropriately qualified and experienced staff are undertaken to make sure there are sufficient workers
Marketing → operations
Market research data will play a key role in new product
development
Sales forecasts will be used by the operations
department to plan for the capacity needed, the purchase
of the machines that will be used and the stocks of raw materials required for the new output level.
types of orientation
Market orientation
an outward-looking approach basing
product decisions on consumer demand,
as established by market research.
key feature
requires market research and analysis to indicate present and future consumer demandpatterns
The consumer is put first.
produce what consumers want rather than
try to sell them a product they may not really want to
buy
benefits
chances of newly developed products failing in the
market are much reduced – but not eliminated
likely to survive longer and make
higher profits- since consumer needs are met
Constant feedback from consumers – market research
never actually ends – will allow the product and how it
is marketed to be adapted to changing tastes before it is
too late and before competitors ‘get there first
limitations
If a business attempts to respond to
every passing consumer trend or market fashion, then
it may well over-stretch its resources and end up not doing anything particularly well
Trying to offer choice
and range so that every consumer need is met can be expensive
Product orientation
inward-looking approach that focuses
on making products that can be made –
or have been made for a long time –
and then trying to sell them.
invent and develop products
in the belief that they will find consumers to purchase them.
Here there is still the belief that if businesses produce an
innovative product of a good-enough quality, then it will be
purchased.
mostly in electronic and pharamutical industries
researching and developing an
innovative
product can be successful, even if there has
been no formal market research
Asset-led marketing
an approach to marketing that
bases strategy on the firm’s existing
strengths and assets instead of purely
on what the customer wants.
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