The dictionary definition of marketing is: ‘the provision of
goods or services to meet consumers’ needs’. In other
words, marketing involves finding out what the customer
wants, matching a company’s products to meet those
requirements and, in the process making a profit for the
company. Successful marketing means having the right
product available in the right place at the right time and
making sure that the customer is aware of it. Unlike selling,
it aims to bring in ‘tomorrow’s orders’.
Bringing together the abilities of the company and the
requirements of the customer occurs in the ‘real world’;
the ‘marketing environment’, which is not controlled by
individuals or companies, is constantly changing and must
be monitored continuously. Marketing therefore means
considering:
The abilities of the company
The requirements of the customer
The marketing environment.
The abilities of the company can be managed by its marketing
department. They can control the four main elements of
a company’s operation, often called ‘the marketing mix’. The
marketing mix, or the four Ps relate to:
The product sold (Product)
The pricing policy (Price)
How the product is promoted (Promotion)
Methods of distribution (Place)
These are four controllable variables which allow a company
to come up with a policy which is profitable and satisfies
its customers.
What is marketing planning?
The term marketing planning is used to describe the methods
of applying marketing resources to achieve marketing
objectives. It is used to segment markets, identify market
position, forecast market size, and plan viable market
share within each market segment. The marketing planning
process involves:
Carrying out marketing research within and outside the
company
Looking at the company’s strengths and weaknesses
Making assumptions
Forecasting
Setting marketing objectives
Generating marketing strategies
Defining programmes
Setting budgets...