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Marketing and the 7Ps A brief summary of marketing and how it works
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Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably. — CIM definition T he Chartered Institute of Marketing offers the following definition for marketing: “Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.” It’s a bit of a mouthful, but it highlights that the customer is at the heart of marketing, and businesses ignore this at their peril. In essence, the marketing function is the study of market forces and factors and the development of a company’s position to optimise its benefit from them. It is all about getting the right product or service to the customer at the right price, in the right place, at the right time. Both business history and current practice remind us that without proper marketing, companies cannot get close to customers and satisfy their needs. And if they don’t, a competitor surely will. Marketing is sometimes wrongly defined within the narrow context of advertising or selling, but this is not the whole story. Marketing is a key management discipline that enables the producers of goods and services to interpret customer wants, needs and desires — and match, or exceed them, in delivery to their target consumers. Every product we buy, every store we visit, every media message we receive, every choice we make in our consumer society has been shaped by the forces of marketing. The marketing process is central to the business performance of companies, large and small, because it addresses the most important aspects of the competitive marketplace. Today, as competitive pressures increase, marketing skills have never been more highly valued by organisations in both the public and private sectors. What was once seen as a departmental activity within companies is now regarded as a frontline business attitude of mind for all employees. Marketing has played a key role in many recent business success stories — from pharmaceuticals to airlines, sports brands to food and drink, business- to-business companies to small, niche players. The marketing professionals who shape and implement marketing strategy contribute directly to the economic wealth of a nation. Their skills attract and retain customers, build sales and generate profits which can then be reinvested as part of a cycle of prosperity. Marketing and the 7Ps: A brief summary of marketing and how it works © The Chartered Institute of Marketing 2009 | 2 ONE What is marketing?
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S o if you are already ‘doing’ marketing, what’s the problem?
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  • Winter '12
  • anamika
  • Marketing, The Chartered Institute of Marketing, Chartered institute

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