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What is Marketing?

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Introduction

PLM3302 Marketing and Promotion Answers with notes Lecture 2: What is Marketing? 1. Definitions of Marketing There are a lot of different definitions of marketing, however, the main concepts among those definitions are more or less the same. Marketing often confused with promotion. Marketing involves the entirety of a company's organization from internal organization onwards. However, promotion is only part of marketing. According to Philip Kotler, marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering, exchanging products of value with others. Marketing textbooks often define marketing as a business philosophy, the central tenet of which is "closeness to the customer". Therefore, the main concern of marketing is still to satisfy our customers' needs and wants. "The aim of marketing is to define and satisfy the customer's needs better. This is achieved by trying to create an exchange that satisfies all parties; juggling different factors, such as production and distribution, but all the while keeping the customer in the centre." A. Baverstock. In the past, most of the products and services were Product-led - Produce a good and then find someone to sell it so traditional notion of "gentlemanly publishing", the publisher deciding what is good for someone, e.g. in aesthetic terms. This might be compared to Mills & Boon (Harlequin) ...read more.

Middle

Needs: A human need is a state of felt deprivation of some basic satisfaction. People requires food, clothing, shelter safety, belonging, esteem, and a few other things for survival. Wants: are desires for specific satisfiers of these deeper needs. For example, an American needs food and wants a hamburger, needs clothing and wants a Pierre Cardin suit, needs esteem and buys a Mercedes. Demands: are wants for specific products that are backed by an ability and willingness to buy them. However, the notion of "closeness" often compared to the concept of the village shop with a proprietor who know their customers, can cater for their precise needs. The process of market research is founded on nothings of gaining and interpreting information to "know" the market. This involves data-gathering: Structure of the market, Size, growth potential, Lifespan Data can come from a variety of sources. Primary research might be undertaken, i.e. research undertaken by the organization or commissioned through a specialist agency. Secondary research is also crucial, this is research done by other organizations, for example, the government, trade associations (for magazines see http://www.ppa.co.uk) and other forms of research bodies. Research may relate to the following broad categories of inquiry: Market analysis - desirable markets, company's ability to function in that market and compete. Customer analysis - important here is market segmentation, needs of segments, purchasing decisions, who makes them (for example, parents buying goods for children). ...read more.

Conclusion

Promotion Branding (profile of an imprint such as Xpress, magazine's identity - Marie Claire), advertising impact to build notion of product's features may be abstract features - Red, a substitute best friend, big sister, process of product differentiation (brand associations), selling approaches, might also include unbranded sales opportunities for example selling through a bookclub such as QPD. Need to be aware of direct and indirect competition Direct - Penguin Pound Classics versus Woolworth Indirect - other ways of obtaining product's benefits 5. Marketing Plan Marketing plan therefore traditionally consists of a PEST analysis, and the marketing mix defined in a marketing plan. Another key aspect of which is what is called a SWOT analysis. PEST is an external audit, SWOT is external/internal. SWOT: Strengths Weaknesses Opportunities Threats In addition, there is the importance of different elements in the mix and how these are foregrounded, promotion very important in the areas of consumer publishing we will look at. Main distinction in promotion between "above the line" refers to main, commissionable media, "below the line" - non-commissionable media (covermounts such as free bag with Elle), gifts, competitions, discounts (special prices on bestsellers). Promotion divided via Promotional Mix Promotional Mix - Personal selling, advertising, sales promotions, Public Relations. 5 New Marketing Will be examining this. New marketing hailed as a radical rethink of marketing, based on "relationship marketing", criticizes notion of 4 Ps replace the product with an "experience", foregrounds concept of customer participation in the development of a commodity. See article on new marketing in course reader. ...read more.

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