What is Marketing?


Description of the basis of marketing fundamentals to be expanded on.
Stephanie Natasha
Mind Map by Stephanie Natasha, updated more than 1 year ago
Stephanie Natasha
Created by Stephanie Natasha almost 8 years ago

Resource summary

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