Marketing Essay

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The Nature of Marketing Relevant Reading – Chapter 1 of Fahy and Jobber 4e 2012 David MacGregor 2 Learning Objectives • To introduce and outline the marketing concept • To introduce the concepts of customer satisfaction and value • To identify the relationship between the marketing concept and business performance • To introduce the role and importance of marketing planning • To demonstrate that marketing has a role to play in not-for-profit as well as profit making organisations Good Marketing is … • not just advertising • not about persuading people to buy products or services that they do not want or need • is concerned with identifying and satisfying customers’ needs and wants – marketing research is therefore vital!0 Marketing – Definition • The Chartered Institute of Marketing define marketing as: “The management process which identifies, anticipates and supplies customer requirements efficiently and profitably” • Emphasis is therefore on customers – a market or customer orientation objective; organisations must always make a profit – strategically there may be reasons for not doing so in the short term • Flaws of this definition: assumes profitability only Marketing as Theory and Practice • There are some differences and some overlaps between Marketing as a studied subject and Marketing as a managerial process. • At this stage we are concerned with ‘sensemaking’ about the marketing environment, process and its concepts. Branded ‘You’ activity. Our search for “Mr or Ms Minimal” and our “Queen or King of Branded Bling!!!!” 6 Sensemaking and Marketing • The study of marketing is concerned with examining, analysing and evaluating activities we call ‘exchanges’ that take place in specific contexts which we refer to as ‘markets’ • Marketing activity is significant because: –

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