Anna Draganova Marketing Concepts
Along with all of the new terminology, new techniques, and new twists the Internet has brought us, it has also opened opportunities for misguided notions about the definition of marketing. While the above definitions describe different facets or definitions of related terms, they do not convey the much broader process that is truly marketing. By taking a look at some dictionary and trade definitions of marketing we can get a better feel for what marketing is truly about:
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American Marketing Association Definition
The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
Marketing plays an important part in ensuring the products consumers want are readily available. The Chartered Institute of Marketing’s definition provides a clear picture of the activities involved. We can describe marketing like: ‘ the management process responsible for identifying, anticipating and satisfying the customer requirements profitability.’ It is a management activity because it requires continuous information gathering, analysis and evaluation in order to make decisions. The information collected should help Coca-Cola Company identify customer requirements.
But it is not sufficient to find out what customers are thinking and doing now; there is a need to consider what might happen in the future. Future consumers tastes and preferences can even create them. Once consumer needs have been identified Coca-Cola Company still has to satisfy then successfully. Designing the right product to satisfy those needs may not prove easy. It is essential to do all this and make a profit to invest in new products and advertising campaigns, and provide a reward for investors.
The marketing concept directs organisations to focus on customers. A company that follows the marketing concept puts the customer at the centre of all its business decision making and planning and not just the marketing team’s decision. An organisation with approach said to be marketing orientated. There are different types of various orientations:
- Product concept – concentrates on production and distribution economies. In turn is based on the notion that customer will choose lower priced products that are readily available.
- Selling concept is based on the notion that customer need to be persuaded to buy through aggressive selling and promotion.
- Product concept has been adopted is the most innovative in the market, is of top quality and brimming with special features.
Marketing principles
Some of the goals of the marketing for Coca-Cola Company are:
- Understanding consumer needs – markets change rapidly and it is therefore essential that the company constantly look for new product and market opportunities.
- Keeping ahead of competition - increased competition can have a dramatic impact.
- Communicating effectively with consumers – even the best product, effectively distributed at the right price to the target market, may experience poor sales if the promotional support is ineffective.
- Using new technology – the use of technology is now considered by many marketing managers as a key marketing principle. Marketing should seek to exploit its potential. The emergence of e-marketing is relevant of marketing for a variety of reasons
- It provides a new worldwide channel of distribution.
Its provides new ways for marketing managers to do their jobs
Coca Cola’s mission, vision and values outline who they are, what they seek to achieve, and how they want to achieve it.