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What is marketing?

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Introduction

What is marketing? * Marketing is all the processes involved in moving goods from a producer to a consumer. * Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably. * Marketing is a human activity directed at satisfying needs and wants through exchange processes. Using these three definitions it is clear that marketing is not just about the adverts on the television. Marketing is a complex part of business. We can determine that marketing according to these definitions is the focus on the needs and wants of the consumers. The definition of marketing therefore goes passed the idea that it is just selling. We start to think about words such as identify- the ability to use market research. Anticipate- this is predicting the behaviors of customers and there reaction to new products, and Satisfy- the customer by ensuring they are happy with the quality, price, design and performance of the goods. How do we identify and satisfy customer needs and wants? This process can be long and complicated. Organisations should strive to identify both expressed (known feelings and thoughts) & implied (suggested or hinted) needs and wants. Using the information gained organisations should develop products that meet these expectations. ...read more.

Middle

E.g. A very famous example of an organisation that changed it's image is Lucozade, traditionally known as a drink for aiding recovery of illness, successfully changed the same product to be associated with sport and sports performance through a changed advertising campaign endorsed at the time by Linford Christie, a very successful athlete. A further consideration in understanding buyer decisions is the various roles that people take when purchasing a product. Sometimes the person buying the product is not the end consumer this means a products needs to be in the needs of E.g. a parent and child. Knowing the market In order to make these correct decisions about the marketing of an organisation it is important to recognise the importance of collecting information, about the environment, the market it is in and the consumer trends & patterns. To collect information on environment we look towards the DEPICTS model; (Market Relations page 49. 1995) Demographic, Economical, Political, Infrastructure, Competition, Technological and Socio legal. To look at Demographic we are placing people according to e.g. population, age gender income brackets etc. An organisation also looks towards identifying a target market or number of people how they then concentrate selling to e.g. ...read more.

Conclusion

After smoking was officially deemed bad for your health a large number of consumers were determined to give up, this power of the consumer has forced over the years tobacco companies to diversify into other industries. Imperial tobacco ltd is now owner of Whitbread breweries. The business environment must be constantly monitored for the threats and opportunities, which it presents to firms. When scanning and evaluating the business environment, it is essential that firms look beyond superficial impacts and think carefully about multiple causes and effects. As above. The benefits of the marketing approach are that you make only what can be sold. Making only what customers want to buy means that companies should not have to resort to hard selling, price cutting and discounting. Marketing in this way is more likely to achieve the correct exchange relationship. At the early stage of developing products companies spend lots of time and money on various forms of market research to understand the requirements of customers. E.g. when a firm like Nokia launch a new mobile phone all aspects of the customer requirements are examined in research and development. They spend millions of pounds to get a desirable state of the art, wanted product. Using the right means of communication to there target audience at a time quicker than competitors. This has meant Nokia have been highly successful since 1998 due to customer orientation. ...read more.

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