MARKETING MANAGEMENT(1) - MARKETING Marketing is the...

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MARKETING Marketing is the process of planning and executing the conception, pricing, promotion, and distribution (4 Ps) of ideas, goods and services to create exchanges (with customers) that satisfy individual and organizational objectives. Satisfying customer needs (creating utility) through the exchange process. Create a Marketing Mix (4ps): "The management process responsible for identifying, anticipating and satisfying customer requirements profitably." The key word in the definition is CUSTOMER - listening to them and providing what they want is central to your success. A truly marketing-orientated business finds out what its customers want before deciding what to offer them. The result is a FOCUS on the CUSTOMER. The customer is your business and the way you treat him or her will be the single most important factor in your business’ success and profitability. You must be sure that your enterprise meets your customer's expectations, and to achieve this you have to know your existing and potential market. The purpose of your business is the customer's complete satisfaction, but you should never believe that you know what they want without asking them, and that is what we are going to explore in this Issue. The aim of this Guide is to lead you through the intricacies of Marketing, to give you confidence in your ability to promote your business effectively. This Guide will give you the tools you need for profitable success. Anyone can do it, the Guide will show you how. The marketing process can be viewed as a constant series of actions and reactions between your customers and you, trying to satisfy their needs. In diagrammatic form, it looks like this :-The Marketing Management Philosophies Marketing management can be described, as carrying out the tasks that achieve desired exchanges, between the corporation, and its customers. There are number different philosophies that guide a marketing effort. Production Concept o Demand for a product is greater than supply. o To increase profit, focus on production efficiencies knowing all output can be sold. o Also useful concept when increasing production raises economies of scale etc. to reduce price.
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o Henry Ford, "Doesn't matter what color car you want, as long as it is black."...A typical quote during the production era. o Dominant era: From mid C19th to early C20th, industrial revolution etc. Selling Concept o Demand for a product is equal to supply. o Emphasis is needed to sell the product to increase profits. o Focus on advertising. o Useful for unsought goods, i.e., encyclopedias, funeral plot. Political candidates, selling important, not post consumer satisfaction. o Dominant era: 1920's to Mid 1930's WWII to early 1950's Marketing Concept o Supply for a product is greater than demand, creating intense competition among suppliers.
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