Definitions “ Marketing is the management process which identifies, anticipates and supplies customer requirements efficiently and profitably.” The Chartered institute of Marketing. ‘Marketing makes selling superfluous’

Marketing is not simply: SellingAdvertising Public relations Promotion Smooth-talking salespeople Glossy, ‘jazzy’ media coverage The spending of vast amounts of money However

Marketing is: A strategy or a plan for successful business An overall focus on the customer A total approach to running an organisation and building up business The involvement and combination of sometimes simple, occasionally complex decisions into effective action Looking outside the organisation for the primary direction Dynamic

Marketing is Getting products that don’t come back To customers who do And MAKING A PROFIT

4Ps of Marketing RightPrice RightPlace RightProduct RightPromotion

Different Approaches to Marketing Henry Ford Production orientation – focus on the product ……. ‘any colour as long as it is black’ ‘any colour as long as it is black’ Ford Motor Company – 2001 Market orientation – focus on the market (consumer) everything we do is driven by you’

The Importance of Marketing External forces exist that make effective marketing essential for most firms. These forces are: 1. Greater wealth (economic growth and rising disposable income) 2. Fashion 3. Technology 4. Competition

Objectives of Marketing To increase market share To improve corporate image To increase profitability To find and benefit from new markets and new market segments