* A definition of marketing, as described by the Chartered Institute
Of Marketing “Marketing is the management process that identifies, anticipates and supplies customer requirements efficiently and profitably.” Chartered Institute Of Marketing
* The components of marketing
1. Identifying customer needs i.e. market research
2. Producing a product that meets customers needs
3. Calculating the price that meets customer demand
4. Producing the right quantities to supply customer demand
5. Promoting the product to the customer
6. Distributing the product to the place where it is convenient for the customer to buy it
3.2 Marketing objectives
* A definition of objectives, as described by GCSE Business Studies for AQA Jenkins & Hamman - “Statements of the goals that a company wishes to achieve in a given time.”
* A definition of marketing objectives, this time described by GCSE
Business Studies – Wallace & Wallace – “The main objectives of the marketing department.”
* Objectives need to be SMART;
S pecific
M easurable
A chievable
R ealistic
T imely
* The Deep’s five main marketing objectives include;
1. An icon building for Hull
2. To open without debt
3. To promote a deeper understanding of the world’s oceans
4. To educate, entertain, regenerate and inspire
5. To attract between 250,000 and 350,000 visitors in Year 1 and over 250,000 visitors in subsequent years
However, are these marketing objectives SMART? And if not how can they become so?
1. An icon building for Hull
This objective is Specific, because it shows The Deep know exactly what they want to become, and where.
It’s Achievable, because one of the only other main contenders is the
Humber Bridge. Realistic – for the same reason above. And Timely, because a building can’t just become an icon building over night; it takes time. However, it isn’t measurable,