Definitions Of Marketing

Submitted By MatthewLam1
Words: 1296
Pages: 6
Open Document
What is marketing?
Consists of individual and organisational activities that facilitate and expedite satisfying exchange relationships in dynamic environments through creation, distribution, promotion and pricing of goods, services and ideas (Dibb, et al 2006)
Societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others (Kotler 2003)
Activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large (AMA,2007)
Engel’s law: as income increases miscellaneous spend increases

Key Factors

Orientation | Focus | Characteristics and aims | Example | Production (1890s-1920s) | Manufacture | Rapid productionCost reduction and controlProfit through volume and sales | No specialisation, small product range | Sales (1920s-1950s) | Selling supported by market research and advertising | Profit thru’ volumeAggressive sales and promotionQuick turnover of high volume | Personal selling | Marketing (1950s) | Customer needs | Integrated marketingNeeds defined before productionProfit through satisfactionAfter ww2 | Specialise | Societal (1980s onwards)Information revolution | Social and ethical concerns | Consumer powerSocial media, 24hr | FairtradeCarbon footprinted walkers crispM&S plan A | Traditional | Relationship | Customer acquisitionSingle transactionSaleSatisfy company | Customer retentionContinuous relationshipCustomer loyaltySatisfy several stakeholders |

Business Orientation
Production-low development cost
Product- Presentation: push or pull
Selling-communication, persuasion
Market-product based on information, research
Societal- society demands

Influences on marketing

Industrial Economics | Microeconomics-perfect competitionMatching supply and demand (Marketing Mix)Income distribution, scale, monopoly, competition, finance facilities (Bartels 1951) | Psychological | Motivational research-consumer attitudes, perceptions, motivations, information processingUnderstanding persuasion, consumer personality, customer satisfactionPlace self in mindset of customer | Sociological | People group behaviour (demographic)Social positionsMotivationCultureInformed market research | Anthropological | Qualitative approachesEthnology and observation |

Difference between Sales and marketing

Sales-push-distribution incentives-not long term customer benefit stimulate supply-less customer input
Marketing-pull customer demand-stimulate demand-long term satisfaction

Marketing as an exchange
Customer input
Satisfy market needs
Three types exchanges, dyadic
Fire service protects the public; require support for funding
Retailer offers goods and customer service customer pays
Manufacturer supplies retailer who purchases goods through credit
Market orientation
How close should the company be to the customer
Marketing orientation—emphasise importance of marketing dedicated department, member on board
Market orientation focus on customer needs;
Customer orientation-superior value- continuously developing product and service-customer satisfaction very important
Competitor orientation-understand competitor strengths and weaknesses- capabilities and strategies
Inter-functional coordination- all functions cooperate for long term profit
Relationship Marketing
Integration of customer service, quality assurance and marketing (payne 1993)
Increases purchase over time
Easier promotion
Referals
Premium price
Develop mutually satisfying relationship
Resources and opportunities to customers-superior to alternatives
High standard of corporate values
Partnerships-avoid taking commercial advantage
Development
Shift to relationship marketing from transaction marketing
The time perspective of marketing differs depending on where on the continuum a firm is. As transaction
Show More

Related Documents: Definitions Of Marketing

A Note On Marketing

媒体类词汇 PartⅠ 词汇 Reflect (vt):反应 = indicate Demand(n & vt): 需求，要求 =need Boost (vt): 提高，提升 = enhance, increase Unnecessarily (adv.): 不必要的 Argument (n.):争论 Gorgeous (adj.): 非常漂亮的 Consideration (n.): 考虑 Impulsively (adv.): 冲动地 Particular (adj.):特定的 Due to: 因为，由于 Campaign (n.): 宣传活动 Individual (n.): 个人 Disposable income:可支配的收入 Allocate (v):分配 = allot, distribute Budget (n.): 预算 Sway (vt): 影响人的态度 Sensitive (adj.): 敏感的 Ban (vt):禁止 =forbid, prohibit Disable (vt): 关闭某个计算机的功能 Essential (adj.): 至关重要的 =crucial…

Words 802 - Pages 4

Notes On Marketing Principles

Unit 4: Marketing Principles Jade Pemberton Table of Contents Introduction: 3 LO1 Understand the concept and process of marketing 4 1.1 Explain the various elements of the marketing process 4 1.2 Evaluate the benefits and costs of a marketing orientation for a selected organization 5 LO2 be able to use the concepts of segmentation, targeting and positioning 6 2.1 Show macro and micro environmental factors which influence marketing decisions 6 2.2 Propose segmentation criteria to be…

Words 3910 - Pages 16

marketing notes Essay

Marketing Lecture 1 Lecture tips Read the textbook and journal articles Make notes on them and bring them to the lecture Do the seminar exercise Practice writing under pressure The development of marketing thought The history of human development Living in villages Small parts of specialisation develop Expertise Efficiency Normally specialisation is inherited, i.e. making tools, building shelter Not really a marketing problem to be solved No distribution problems as everybody lives…

Words 535 - Pages 3

A Brief Note On Marketing

1. Qeach brand t=β0+β1*PMinute Maid t+β2*PTropicana t+β3*PPrivate label t+ueach brand t Q: quantity P: price By running the above regression model for each brand, we got the following elasticity matrix and the figures for “V” and “C.” Note that we used the average price and quantity for P and Q to calculate each brand’s elasticity. Price Elasticity | Tropicana | Minute Maid | Private Label | Tropicana | -3.4620441 | 0.40596537 | 0.392997566 | Minute Maid | 1.8023329 | -4.26820251 | 0.765331803…

Words 1145 - Pages 5

Notes - Marketing Essay

ADVERTISING 1. THE PROMOTION MIX DEFINITION: A Company’s total promotion mix or its marketing communication mix is the blend of promotional tools used for communicating customer value and build customer relationships. Consists of: 2. INTEGRATED MARKETING COMMUNICATIONS Copy Fig 12.1 The new Marketing Communications Model of today: A) Consumers are changing - New digital economy B) Marketing strategies are changing - Mass market is fragmented, customised C) Advances in communications…

Words 379 - Pages 2

Notes On Marketing Fundementals

Lecture 5 – Marketing Fundementals Marketers cannot appeal to 1) all buyers in these markets 2) not all buyers in the same way Why? * Buyers are too numerous, too widely scattered and too varied in their needs and buying practices. * Different companies vary widely in their abilities to serve different segments of the market. * Rather than trying to compete in an entire market, sometimes against superior competitors, each company must identify the parts of the market that it can…

Words 368 - Pages 2

Marketing Exam Notes Essay

wants that are backed by buying power It is the responsibility of the marketing department of every company to understand its customers’ needs, wants and demands, and the most successful companies are usually the ones that do this the best. 2. Marketing concepts Marketing Management wants to design strategies that will result in profitable relationships with the organization’s customers. There are five commonly used marketing management philosophies or “concepts” that guide an organizations thinking…

Words 7187 - Pages 29

Marketing Chapter 2 Notes Essay

Marketing Chapter 2 Company-Wide Strategic Planning: Defining Marketing’s Role Strategic Planning- The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities. Mission Statement- A statement of the organization’s purpose- what it wants to accomplish in the larger environment. Mission statements should be meaningful…

Words 823 - Pages 4

Essay about Marketing Lecture Notes 2013

Course Profile MARKETNG 7005 FUNDAMENTALS OF MARKETING (M) 1. GENERAL COURSE INFORMATION 1.1 COURSE DETAILS Course: MARKETNG 7005 Marketing Principles (M) Coordinating Unit: Business School, Faculty of the Professions Teaching Period: Semester 1 Level: Postgraduate Coursework Location/s: North Terrace Units: 3 Contact: Up to 3 hours per week Prerequisites: Not applicable Corequisites: Not applicable Incompatible: Not applicable Assumed Knowledge: Not applicable Restrictions: Not applicable…

Words 4834 - Pages 20

Buisness Notes Marketing Process Essay

Marketing Process I. Situation Analysis A thorough analysis of the situation in which the firm finds itself serves as the basis for identifying opportunities to satisfy unfulfilled customer needs. In addition to identifying the customer needs, the firm must understand its own capabilities and the environment in which it is operating. If the situation analysis reveals gaps between what consumers want and what currently is offered to them, then there may be opportunities to introduce products to better…

Words 1758 - Pages 8