MKT10007 Week 1 Objectives · Outline an overview of marketing · Explain the 4Ps of the marketing mix · Analyse how the 4Ps can be applied to purchase decisions · Explain the marketing exchange conditions and their influence on marketing · Outline some possible marketing management philosophies What is Marketing? · It is a diverse field · It can be a creative field for marketers involved in new product development or promotional areas, but it can also be very analytic, such as for marketers involved in researching the market and analysing consumer needs · Similarly, some areas of marketing are very people oriented, e.g. working on developing relationships with clients, while others focus more on planning strategies and projects within the organisation Its all in a word · Marketing centres around the word market · Is there a market for the product? = are there people who want to buy and/or use that product · What is happening in the fast food market? = understand the many factors that impact on whether people will buy and/or consume fast food · Marketing, as an academic and in the professional field, focuses on the market- the needs and preferences of current and potential consumers, and the surrounding environment that influences consumers and the marketing organisation · The business environment is constantly changing so staying ahead of the competition requires a sound understanding of the market · Contrast this idea with the everyday use of the word marketing · People use the word as a synonym for 'selling', 'advertising' or 'promoting' · Those activities are a part of marketing, and a rather visible one, but marketing clearly encompasses far more · An important part of marketing is analysing the environment, and identifying market needs · You can't successfully sell or promote a product if you don't know who the potential customers are and what's important to them
Exploring the meaning of the word 'marketing' Peter F. Drucker, a famous management 'guru' sums up marketing by saying: "True marketing starts out ... with the customer, demographics, realities, needs, values. It does not ask, "what do we want to sell?" it asks, "what does the customer want to buy?". It does not say, "this is what our product or service does," it says, "these are the satisfactions the customer looks for, values and needs." Indeed, selling and marketing are antithetical rather than synonymous or even complementary. There will always, one can assume, be need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself." Marketing isn't just for products Marketing isn't just for products. Some examples of what marketing can encompass: · Not for profit - Can be marketed: local schools, hospitals, universities and charities are all examples of not-for-profit organisations that engage in marketing activities · Ideas - Can be marketed: marketing is used for political policies, environmental and