POM-what-is-marketing - The mar ket i ng concept choosing...

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Lecture#1
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Def i ni t i ons of mar ket i ng ‘Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably’ The Chartered Institute of Marketing
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Adcock et al ‘The right product, in the right place, at the right time, and at the right price’
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Kot l er 1980 ‘Marketing is the human activity directed at satisfying human needs and wants through an exchange process’
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Kot l er 1991 ‘Marketing is a social and managerial process by which individuals and groups obtain what they want and need through creating, offering and exchanging products of value with others’
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I mpl i cat i ons of mar ket i ng Who are our existing / potential customers? What are their current / future needs? How can we satisfy these needs? Can we offer a product/ service that the customer would value? Can we communicate with our customers? Can we deliver a competitive product of service? Why should customers buy from us?
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Unformatted text preview: The mar ket i ng concept choosing and targeting appropriate customers positioning your offering interacting with those customers controlling the marketing effort continuity of performance Successf ul mar ket i ng r equi r es: P rofitable O ffensive (rather than defensive) I ntegrated S trategic (is future orientated) E ffective (gets results) (Hugh Davidson 1972) Mar ket i ng management pr ocess Analysis/Audit - where are we now? Objectives - where do we want to be? Strategies - which way is best? Tactics - how do we get there? (Implementation - Getting there!) Control - Ensuring arrival Why i s mar ket i ng pl anni ng necessar y? Systematic futuristic thinking by management better co-ordination of a company’s efforts development of performance standards for control sharpening of objectives and policies better prepare for sudden developments...
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