Lecture 1 week 1 in person
Consumer and markets
What is marketing?
-Process where we meet customers’ needs profitably
-‘Formally and informally, people and organisations engage in a vast number of activities
that could be called marketing’ (Kotler and Keller 2006, p 3)
The definition of marketing has changed over time from 1935 to 2013:
1935 ‘the performance or business activities that direct the flow of goods and services from
producers to consumers’
1985 - “the process of planning and executing the conception, pricing, promotion, and
distribution of ideas, goods and services to create exchanges that satisfy individual and
organizational objectives”
2006 - “an organizational function and set of processes for creating, communicating and
delivering value to customers and for managing customer relationships in ways that benefit
the organization and its stakeholders
2013 ‘the activity set of institutions and processes for creating communication delivering
and exchange offerings that have value for customers clients partners and society at large’
- American Marketing Association
‘Good marketing is about creating value for customers and building strong customer
relationships in order to capture value from customers in return.’ (Kotler et al 2017)
The marketing process:
-Understand the marketplace and customer needs and wants
-Design a customer driven marketing strategy
-Construct an integrated marketing program that delivers superior value
-Build profitable relationships and creates customer delight
The Marketing Mix:
-Products
-Place
-Price
-promotion
Consumer and markets
What is marketing?
-Process where we meet customers’ needs profitably
-‘Formally and informally, people and organisations engage in a vast number of activities
that could be called marketing’ (Kotler and Keller 2006, p 3)
The definition of marketing has changed over time from 1935 to 2013:
1935 ‘the performance or business activities that direct the flow of goods and services from
producers to consumers’
1985 - “the process of planning and executing the conception, pricing, promotion, and
distribution of ideas, goods and services to create exchanges that satisfy individual and
organizational objectives”
2006 - “an organizational function and set of processes for creating, communicating and
delivering value to customers and for managing customer relationships in ways that benefit
the organization and its stakeholders
2013 ‘the activity set of institutions and processes for creating communication delivering
and exchange offerings that have value for customers clients partners and society at large’
- American Marketing Association
‘Good marketing is about creating value for customers and building strong customer
relationships in order to capture value from customers in return.’ (Kotler et al 2017)
The marketing process:
-Understand the marketplace and customer needs and wants
-Design a customer driven marketing strategy
-Construct an integrated marketing program that delivers superior value
-Build profitable relationships and creates customer delight
The Marketing Mix:
-Products
-Place
-Price
-promotion
