Unit 3 – Introduction to Marketing.
Assignment 1 – Task 1 (P1) – Marketing definitions and its role.
The information below contains two definition of Marketing and also the marketing concepts and basic principles of marketing.
Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.
Chartered Institute of Marketing
The process of organizing and directing all the company activities which relate to determining the market demand and converting the customers buying power into an effective demand for a service and bringing that service to the customer.
The Marketing Concept is based on the idea that organisations can best meet their objectives by concentrating on customers needs and satisfying those needs better than competitors. The other three concept are; Production concept which concentrates on production and distribution economics. Selling concept is based on the notion that customers need to be persuaded to buy through aggressive selling and promotion. Product concept has been adopted by organisation which believes that their product is the most innovative in the market, is of top quality and packed with special features.
Information from BND Business Book 1.
The Basic Principles of Marketing:
Marketing functions are the broad areas of marketing that contribute towards the achievement of the marketing principles. There is such a variety of organisations in the business world that it means marketing managers find themselves working in many different environments will emphasise different aspects of the four marketing principles which are; understanding consumer needs, keeping ahead of competition, communicating effectively with consumers and also utilising new technology.
Marketing objectives (SMART) Specific, Measurable, Achievable, Realistic, Timetabled. For e.g. “to achieve a 10% of...