Introduction to Marketing Revision Notes
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 phases of activity, which is a component in the process of creating value for the customer: 1. The design phase. Companies identify customer and consumer needs, and design the product offering around their needs to create value for the customer. 2. The development phase. Companies develop products, services, and ideas, which meet those needs and deliver the intended value. 3. The delivery phase. Companies distribute those products, services and ideas to their customers and consumers and customers receive the product offering and the value created 4. The determination phase. Companies determine whether or not what customers receive really fits their needs or not and it not, redesign the product until it does fit their needs, and provide the customer with real value (or the organisation goes out of business).
This process is cyclical, because products usually begin with the determination phase. There is a feedback loop to determine whether this product suits customers’ needs. These processes are influenced and dependent upon society and are regulated by government.
Marketing: Ancient or Brand New?
Marketing as a coherent approach to business has been around since the early 1920s. 1. Production period,
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 phases of activity, which is a component in the process of creating value for the customer: 1. The design phase. Companies identify customer and consumer needs, and design the product offering around their needs to create value for the customer. 2. The development phase. Companies develop products, services, and ideas, which meet those needs and deliver the intended value. 3. The delivery phase. Companies distribute those products, services and ideas to their customers and consumers and customers receive the product offering and the value created 4. The determination phase. Companies determine whether or not what customers receive really fits their needs or not and it not, redesign the product until it does fit their needs, and provide the customer with real value (or the organisation goes out of business).
This process is cyclical, because products usually begin with the determination phase. There is a feedback loop to determine whether this product suits customers’ needs. These processes are influenced and dependent upon society and are regulated by government.
Marketing: Ancient or Brand New?
Marketing as a coherent approach to business has been around since the early 1920s. 1. Production period,