Marketing
Marketing is simple in theory, difficult in practice
Market orientation
Marketing defined in one slide -Mr. Jablonski
All focused around the value.
How can you retain the value? Improve it? Regenerate it? (Implement, monitor, adapt, renew)
Definitions of marketing
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy organizational objectives
- Contemporary Marketing Wired
Marketing is an organizational function and set of processes for creating, communicating, and delivering value to customer and for managing customer relationships in a way that benefit the organization and its stakeholders
- AMA
Marketing is human activity directed at satisfying needs and wants through exchange processes
- P Kotler
Management process of anticipating, identifying, and satisfying customer requirements profitably
- CIM UK
Connections between central elements of a firm
- Role of buyer and seller
- Exchange of goods/services for money
- Actions to make the exchange more likely
Product and financial accountability are linked with accounting and MIS. Product and Service Delivery are linked by operations, and Service Delivery and Financial Accountability are linked with Accounting and HR.
Marketing really cares about the financial stability of the company, because it changes the prices they are advertising.
Role of marketing
Marketing manages connections between the organization and the customer. What can we do for the customer?
Marketing monitors the financial performance, customer relationship performance, and new product performance of managed connections.
Strategic plan
If you are a customer focused company, marketing is a totally strategic operation.
Often times, someone creates a company around a great idea. This results in a product-focused organization.
Marketing is not a function of business like Accounting or HR, but is the function of business