Essay Introduction to Marketing Revision Notes

8996 Words Feb 6th, 2012 36 Pages
Chapter 1: Marketing Principles and Society
Definitions:
Chartered Institute of Marketing (CIM): The management process of anticipating, identifying and satisfying customer requirements profitably (CIM, 2001)
The American Marketing Association: The 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)
These definitions stress the importance of considering the customer requirements and to delivering value.
The difference between a customer and a consumer, is that the customer physically buys the product, and the consumer actually uses (or eats) it.
The Marketing Process
Marketing comprises 4
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Provide strategic marketing direction for the organisation 3. Develop the customer proposition 4. Manage and provide marketing communications 5. Use and develop marketing and customer information 6. Lead marketing operations and programmes 7. Work with other business functions and 3rd parties 8. Manage and develop teams and individuals
Marketers at different levels of organisation will undertake different components of these functions at different levels. Generally, senior marketer/marketing director will guide and direct these functions, while the marketing manager will manage them, the marketing executive will undertake the actions necessary to fulfil these functions, and the marketing assistant will support the marketing executive (CIM, 2OO5).
The Marketing Mix and the 4 Ps
There are some general concepts that help managers frame their actions as they develop their marketing plans and undertake marketing tactics. The marketing manager was a “mixer of ingredients”, a chef who concocted a unique marketing recipe to fit the requirements of the customers’ needs at any particular time.
Eugene McCarthy (1960) simplified and amended the memorable 4ps from previous lists: 1. Product – the offering and how it meets the customers’ needs, packaging and labelling. 2. Place (distribution) – the way in which the product meets customers’ needs. 3. Price – the cost to the customer, and how the cost plus profit

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