Basic Marketing Principles

Define Marketing
Management process that anticipates, identifies and supply’s customer requirements.
Who is involved in the marketing triangle?
Customers, competition, company
Goals of Marketing.
LT satisfaction, retention of customers, adding value
Concept of marketing.
Achievement of goals via meeting/exceeding customer needs more than competition.
What is customer orientation?
PROVIDING customer satisfaction
What is integrated effort?
CREATING customer satisfaction
Definition of value
Gains- Loss
Definition of satisfaction
Perceived performance
What is a marketing focus?
Customer focused
needs-opp-marketing-customer
What is product focus?
Cost focused
capability-manufacturing-sales-customer
What is a market driven company?
Customer comes first. Knowledge on competition. Segments customers. Invests in MR. Organisation evolves. Innovation is good. Competitive advantage.
What is an internally orientated company?
Convenience. £ and performance is key. Segmented by product. Status quo. Ignore competition.
Define efficient.
Input/output- what actually sell/ profits
Define effective
Do the right things- operate in attractive markets.
Advantages of marketing
Manages needs and wants. Informs. Communicates. increases performance.
Disadvantages of marketing
If it goes wrong then it wastes £. Can cause negative actions . Questionable ethical choices.
Why is marketing imperative?
TO SELL
Challenges to marketing?
Saturated markets/ customer sophistication/ global companies.
What environmental threats are there to marketing?
Threats and opportunities. Deliver efficiently.
Limits of the Marketing Concept?
1) Ideological
2) Customer Values
3) Constrain Innovation
4) Society
5 Principle to a good company
Trickery. Exclusive. Entertainment. Secrecy. Amplification
Product ?
What? New?-benefit? Decision e.g. brand name
Price?
Unit basis. Clear? Effect customer value?
Promotion?
Target audience. Online? Advertising?
Place?
Channel of distribution. How good are passed to consumer. Cost effective?
Key characteristics of customer needs
Understand/ economic/ psychological/ customer evaluation
Key characteristics of competitive advantage
Superior performance. Size and quality of sales force. Type of market.
Key amplification Mix Blend
4Ps.
Communicate message. Consistency required.
Match cooperate resources
with £ and internal competences.
Critisism of 4Ps
Over simplification should be 7 according to Boom and Biter- people/ process/ physical environment. Doesn’t include relationship building.
Response to 7Ps argument
Covers it under promotion
Advantages of 4Ps
Good framework for analysis. Represents memorable practice.
What is marketing’s link with performance?
Hooly and Hycan 1700 managers: committed to MR. More looked into marketing. Proactive. Strategic. Emphasis on product performance. Close work with fiance. Emphasis on market share.
Naver and Slaters 3 measures of performance
Customer. Competition. Degree of internal coordination.