Defining Marketing
"Marketing is the social process
by which individuals and groups obtain what they need and want through
creating and exchanging products and value with others."
- Kotler
"Marketing is the management
process that identifies, anticipates and satisfies customer requirements
profitably."
- The Chartered Institute
of Marketing
Our curriculum prepares students to study
household and business consumers’ wants and needs in order to support
the development of business strategies and marketing tactics to satisfy
consumers.
The Many
Dimensions of Marketing
Markets
Markets are made up of people and
organizations.
Organizations are made up of
people.
People are an integral part
of marketing.
Art
Marketing is an art.
Not a science.
Sure, there are theories and
models, and it helps to know them,
but marketing gets most
interesting when the prescriptions break down
and
nature, human and otherwise, takes over.
Relationships
Relationships are the key to
effective marketing.
You have to be able to
establish and maintain personal relationships.
The most important
relationship is with customers.
Trust is the glue that keeps
this relationship going.
Behave in a way that develops
trust with customers.
Knowledge
Sound marketing decisions are
based on information.
Information is continuously
collected.
The important part is what
you do with your information.
Convert it to
knowledge. Learn continuously.
Know stuff!
Entertaining
People are fascinating.
You never get bored observing and
studying their behavior.
And just when you think you know
something really well, it changes.
That’s marketing - frustrating sometimes,
but always interesting.
Technology
Technology is defined as ideas
that serve a useful purpose.
Marketing uses technology.
Marketing sells technology.
Technology helps marketers learn, keeps
marketers entertained,
and helps solve
market-based problems.
Integrative
Marketing decision makers cannot
make decisions in a vacuum.
Marketing relies on other parts of the organization to
get things done.
The connections to finance, accounting,
production, human resource management, information systems, legal, etc.
cannot be overlooked.
Needs
Marketing focuses on the satisfaction of customer
needs,
wants
and requirements. Identify, understand, anticipate,
and
satisfy them.
Global
Think global – act
local. International competitors are looking
at
your market, if they have not already entered it.
To understand these
competitors, you should be looking at
their
market, whether you decide to enter it or not.
Opportunities today are
world-wide.
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