Marketing Functions & Definitions PDF

# The Three Basic Functions - Organisation - Finance - Operations - Marketing # Definitions of Marketing - Marketing is the management process responsible for identifying, anticipating, and satisfying customer requirements to achieve customers loyalty and profits. (Glen Gilmore) - Marketing is soci...

# The Three Basic Functions - Organisation - Finance - Operations - Marketing # Definitions of Marketing - Marketing is the management process responsible for identifying, anticipating, and satisfying customer requirements to achieve customers loyalty and profits. (Glen Gilmore) - Marketing is social and managerial process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others and build strong relationships. (Kotler) - Marketing is the process of planning and executing the Product conception, pricing, promotion, and distribution of ideas, goods, services, persons, events and places to create exchanges that satisfy individual and organizational objectives. (American Marketing Association) # Goals of Marketing - Attract new customers by promising superior value. - Keep and grow current customers by delivering satisfaction. - This requires studying the consumer behaviour and how to influence this behavior. # Roles of Marketing - Advertising (By advertising and promotion managers) - Selling (Using sales representatives/sales force) - Product development - Packaging - Pricing - Distribution # Marketing vs. Advertising - Marketing refers to the process of preparing your product and service for the marketplace. It involves understanding who your current and potential customers are and what they want to get from your product or service. Colors, logo and other design elements help to align the image of your product with the interests of your target audience. It is marketing that defines your brand and attracts the market share you want. - Advertising is the process of making your product and service known to the marketplace, It is essentially spreading the word about what your company has to offer. While marketing is the way in which you convince potential buyers that you have the right product for them, advertising is how you communicate to them the existence of that product (goods/services). # Marketing & Advertising = Creativity # Marketing vs. Sales - Marketing determines future needs and has a strategy in place to meet those needs for the long term relationship. - Sales makes customer demand match the products the company currently offers. - Marketing is one to many, fulfilling customer's wants and needs thru products and/or services the company can offer. - Sales is usually one to one, fulfilling sales volume objectives. - Marketing focuses on the long term. - Sales focuses on the short term. - Marketing identifies customer needs (research), creating products to meet those needs, promotions to advertise said products. Strategy is pull. - Sales already has a product created for a customer need, and persuades the customer to purchase the product to fulfill her needs. Strategy is push. - Marketing is a wider concept. Marketing shows how to reach to the Customers and build long lasting relationship. - Sales is a narrower concept. Selling is the ultimate result of marketing. - Marketing targets the construction of a brand identity so that it becomes easily associated with need fulfillment. - Sales is the strategy of meeting needs in an opportunistic, individual method, driven by human interaction. There's no premise of brand identity, longevity or continuity. It's simply the ability to meet a need at the right time.