4.1 Marketing

Marketing

 * Marketing is the management process involved in identifying, anticipating and satisfying customer needs profitably.

How Marketing fits in with other Departments

 * Finance and Marketing
 * Human resource management and marketing
 * Operations management and marketing

Marketing Mix
Marketing mix of goods = Product, Price, Promotion, Place
 * Product: The features and appearances of goods and services
 * Price: How much costumers pay for a product
 * Promotion: How costumers are informed about products
 * Place: The point where products are made available to costumers

Marketing mix of services = Product, Price, Promotion, Place, People, Process, and Physical evidence.

Market Orientation Vs Product Orientation
 Product Orientated Approach 

Inward looking, focused on making the product first, then trying to sell it

Product lead and assumes that supply creates its own demand. Businesses create innovate goods and tempt businesses to buy them.

 Market Orientated Approach 

Outward looking, focused on carrying out market research and then making products that can sell

Market led and focused on establishing consumer demand so as to supply products that meet consumers’ needs and wants

Commercial Marketing

 * Creating, developing and exchanging goods or services that customers need and want.
 * Strategies are tailored specifically to the product being sold
 * Value free and does not involve making moral judgements on the buying habits of customers
 * Traditional focus: billboards, print media, television advertisements, online marketing
 * Could employ either mass marketing or targeted marketing

Social Marketing
Social Marketing Institute’s definition:

“The use of commercial marketing concepts and tools in programmes designed to influence individuals’ behavior to improve their well-being and that of society.”
 * Marketing decisions are based not only on consumers’ wants and the firm’s requirements but also on consumer’s and society’s long term interests and welfare.
 * Public health campaigns, anti-smoking campaigns, anti-drunk driving campaigns, human rights etc.

Social Media Marketing

 * Marketing through social media apps.
 * Facebook, Twitter, Linkedin, YouTube
 * Provides low cost ways to reach a large target audience.
 * Enables a firm to get direct feedback through interactive sections.
 * Can enhance a firm’s brand.
 * Difficult to stand out from the crowd.
 * Often used as a subsidy.

Useful Videos


In N Out Burger



Coca Cola



Steve Jobs on Marketing