Introduction to Marketing

For this session we focused on the following areas:

• Definition of Marketing
• The five marketing concepts or philosophies

So what is Marketing?  There are lots of definitions of marketing, however, for the purpose of your course the following are some definitions that you should know:

1. A social and mangerial process by which individuals and groups obtain what they need  and want through creating and exchanging products and value with others (Kotler et al, 1999)
2. Marketing is the process responsible for identifying, anticipating and satisfying customers requirements profitably (Jefkins)

There are five management marketing philosophies/concepts.  These are:

• Production
• Product
• Selling
• Marketing
• Societal

Production -Henry Ford concept. You can have any colour car you want once it is black! This concept follows the premise that customers will favour products that are available and are affordable.

Product concept-this is where companies hold the view that customers will value products that offer the best quality, performance and innovative features-however, this is not always the case!!!

Selling concept-customers won't purchase the product or service unless you undertake a large scale selling and promotional effort. (E.g. eircom, vodafone and airtricity.)  The focus here is the for the salesperson to sell as much of a product or service to the customer.  The focus is meeting targets and not necssarily what is good for the customer.

Marketing Concept-This is a customer orientated view of marketing-the customer is the most important person on our premises.  Without customers we would not have a business.  Treat the customer with respect, provide them with the product or service that the need and they will return time and time again (boomerang principle)

Societal Marketing Concept-most recent concept of marketing.  Are we doing what is best for our customers in the long run?  Are we encouraging customers to purchase products that may end up damaging their health and their environment?  See the following YouTube videos:

•YouTube - Hidden Face of Globalization

•YouTube - International Cocoa Initiative: Child Labour on Cocoa Farms

 

The are four P's in Marketing.  These are:

1. Product
2. Price
3. Place
4. Promotion