Definitions of marketing

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Some basic definitions of marketing and the marketing concept

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Presentation transcript:

Definitions of marketing ‘Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably’

‘The right product, in the right place, at the right time, and at the right price’ Adcock et al

‘Marketing is the human activity directed at satisfying human needs and wants through an exchange process’ Kotler 1980

‘Marketing is a social and managerial process by which individuals and groups obtain what they want and need through creating, offering and exchanging products of value with others’ Kotler 1991

Implications of marketing Who are our existing / potential customers? What are their current / future needs? How can we satisfy these needs? Can we offer a product/ service that the customer would value? Can we communicate with our customers? Can we deliver a competitive product of service? Why should customers buy from us?

The marketing concept choosing and targeting appropriate customers positioning your offering interacting with those customers controlling the marketing effort continuity of performance

Successful marketing requires: Profitable Offensive (rather than defensive) Integrated Strategic (is future orientated) Effective (gets results) Hugh Davidson 1972

Marketing management process Analysis/Audit - where are we now? Objectives - where do we want to be? Strategies - which way is best? Tactics - how do we get there? (Implementation - Getting there!) Control - Ensuring arrival

Why is marketing planning necessary? Systematic futuristic thinking by management better co-ordination of a company’s efforts development of performance standards for control sharpening of objectives and policies better prepare for sudden developments