Unit 4.1 The Role of Marketing Marketing Marketing

Transcript:Unit 4.1 The Role of Marketing Marketing Marketing:
Unit 4.1 The Role of Marketing Marketing Marketing is essential to the success of any business. However, marketing is not just about selling or advertising, as many people think. Marketing exists to address people’s needs and wants. It is about making customers want to buy the products of a particular business. “Marketing is the management process involved in identifying, anticipating and satisfying consumer needs profitably.” – The Chartered Institute of Markerting “Marketing is 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.” – American Marketing Association “Marketing is meeting the needs of your customer at a profit.” – Kotler (1994) Marketing is not simply: Selling Advertising Public relations Promotion Smooth-talking salespeople Glossy,‘jazzy’ media coverage The spending of vast amounts of money However Marketing is: A strategy or a plan for successful business An overall focus on the customer A total approach to running an organization and building up business The involvement and combination of sometimes simple, occasionally complex decisions into effective action Looking outside the organization for the primary direction Dynamic 4 main objectives of marketing Ensure that the right products are supplied to fulfill the needs and wants of customers. Set the correct price so that customers can afford to buy the product (and to ensure that they do not buy from a rival business). Distribute the products to a place that is convenient for the customer to buy the products. Ensure that there is adequate and effective promotion to convince customers to buy from the business. 4 P’s of MARKETING 7 Ps of marketing (4 + 3) These are marketing of services: People Process Physical Evidence PEOPLE: Effectiveness can be measured in a number of ways: Appearance and body language (use of uniform and formal clothing) Aptitudes and attitudes (capability and behavior) Feedback from various stakeholder groups provide useful information regarding the effectiveness in delivering good customer service Efficiency to gain better reputation and corporate image PROCESSES: Refers to the way in which a service is provided or delivered; it includes: Payment methods (cash, check, etc.) Waiting time (queuing time) Customer service refers to degree of attentiveness, care and politeness of staff toward their customers. After-sales care are services offered following the sale of the product (installation, maintenance, tech support, warranties) PHYSICAL EVIDENCE (ENVIRONMENT) Refers to tangible aspects of a service Many