Professional Documents
Culture Documents
For the magazine, see Marketing (magazine). versities to oer Master-of-Science (MSc) programmes.
The overall process starts with marketing research and
goes through market segmentation, business planning and
Marketing is the study and management of exchange
relationships.[1][2] The American Marketing Association execution, ending with pre and post-sales promotional ac-
tivities. It is also related to many of the creative arts. The
has dened marketing as the activity, set of institutions,
and processes for creating, communicating, delivering, marketing literature is also adept at re-inventing itself and
its vocabulary according to the times and the culture.
and exchanging oerings that have value for customers,
clients, partners, and society at large. [3]
Marketing is used to create the customer, to keep the cus-
tomer and to satisfy the customer. With the customer as 2 The marketing concept
the focus of its activities, it can be concluded that Market-
ing is one of the premier components of Business Man- The term 'marketing concept' pertains to the fundamen-
agement - the other being Innovation.[4] Other services tal premise of modern marketing. This concept proposes
and management activities such as Operations (or Pro- that in order to satisfy the organizational objectives, an
duction), Human Resources, Accounting, Law and Legal organization should anticipate the needs and wants of
aspects can be bought in or contracted out. consumers and satisfy these more eectively than com-
petitors. Marketing and marketing concepts are directly
related.
1 Denition
Marketing is dened by the American Marketing Asso- 3 Marketing orientations
ciation as the activity, set of institutions, and processes
for creating, communicating,delivering, and exchanging An orientation, in the marketing context, relates to a per-
oerings that have value for customers, clients, partners, ception or attitude a rm holds towards its product or
and society at large. [5] The term developed from the orig- service, essentially concerning consumers and end-users.
inal meaning which referred literally to going to a market There exist several common orientations:
to buy or sell goods or services. Seen from a systems point
of view, sales process engineering views marketing as a
set of processes that are interconnected and interdependent 3.1 Product orientation
with other functions,[6] whose methods can be improved
using a variety of relatively new approaches. A rm employing a product orientation is chiey con-
The Chartered Institute of Marketing denes marketing cerned with the quality of its own product. A rm would
as the management process responsible for identifying, also assume that as long as its product was of a high stan-
anticipating and satisfying customer requirements prof- dard, people would buy and consume the product.
itably. [7] A similar concept is the value-based market- This works most eectively when the rm has good in-
ing which states the role of marketing to contribute to sights about customers and their needs and desires, as for
increasing shareholder value.[8] In this context, market- example in the case of Sony Walkman or Apple iPod,
ing can be dened as the management process that seeks whether these derive from intuitions or research.
to maximise returns to shareholders by developing rela-
tionships with valued customers and creating a competitive
advantage. [8] 3.2 Sales orientation
Marketing practice tended to be seen as a cre-
ative industry in the past, which included advertising, A rm using a sales orientation focuses primarily on the
distribution and selling. However, because the academic selling/promotion of a particular product, and not deter-
study of marketing makes extensive use of social sci- mining new consumer desires as such. Consequently, this
ences, psychology, sociology, mathematics, economics, entails simply selling an already existing product, and us-
anthropology and neuroscience, the profession is now ing promotion techniques to attain the highest sales pos-
widely recognized as a science, allowing numerous uni- sible.
1
2 4 THE FOUR PS
Such an orientation may suit scenarios in which a rm focus on the promotion, distribution, pricing, etc. of the
holds dead stock, or otherwise sells a product that is in product. Additionally, a rms nance department would
high demand, with little likelihood of changes in con- be consulted, with respect to securing appropriate fund-
sumer tastes diminishing demand. ing for the development, production and promotion of the
product.
line vs. retail), which geographic region or industry, 5 The marketing environment
to which segment (young adults, families, business
people), etc. also referring to how the environment The term marketing environment relates to all of the
in which the product is sold in can aect sales. factors (whether internal, external, direct or indirect) that
aect a rms marketing decision-making/planning. A
rms marketing environment consists of three main ar-
eas, which are:
Promotion This includes advertising, sales promotion,
including promotional education, publicity, and The macro-environment, over which a rm holds lit-
personal selling. Branding refers to the various tle control
methods of promoting the product, brand, or com-
The micro-environment, over which a rm holds a
pany.
greater amount (though not necessarily total) control
A distinction should be made between marketing re- 7.2 Overview of segmentation process
search and market research. Market research pertains to
research in a given market. As an example, a rm may Segmentation can be dened in terms of the STP
conduct research in a target market, after selecting a suit- acronym, meaning Segment, Target, Position.
able market segment. In contrast, marketing research re-
lates to all research conducted within marketing. Thus,
market research is a subset of marketing research. 7.2.1 Segment
Marketing researchers use statistical methods (such as
Segmentation involves the initial splitting up of con-
quantitative research, qualitative research, hypothesis
sumers into persons of like needs/wants/tastes.
tests, Chi-square tests, linear regression, correlation co-
ecients, frequency distributions, Poisson and binomial Four commonly used criteria are used for segmentation,
distributions, etc.) to interpret their ndings and convert which include:
data into information.
Geographical (a country, region, city, town, etc.)
6.1 The Marketing Research Process Psychographic (e.g. personality traits or character
traits which inuence consumer behaviour)
Marketing research spans a number of stages,[11] includ-
ing: Demographic (e.g. age, gender, socio-economic
class, education, etc.)
Dene the problem Behavioural (e.g. brand loyalty, usage rate, etc.)
8 Marketing communications
8.4 Publicity
Marketing communications is dened by actions a rm
takes to communicate with end-users, consumers and ex- Publicity involves attaining space in media, without hav-
ternal parties. Marketing communications encompasses ing to pay directly for such coverage. As an example, an
four distinct subsets, which are: organization may have the launch of a new product cov-
ered by a newspaper or TV news segment. This benets
the rm in question since it is making consumers aware
8.1 Personal sales of its product, without necessarily paying a newspaper or
television station to cover the event.
Oral presentation given by a salesperson who approaches
individuals or a group of potential customers:
8.5 Advertising
Live, interactive relationship
Advertising occurs when a rm directly pays a media
Personal interest channel to publicize its product. Common examples of
this include TV and radio adverts, billboards, branding,
Attention and response
sponsorship, etc.
Interesting presentation
Within the overall strategic marketing plan, the stages of The functional level relates to departments within the
the process are listed as thus: SBUs, such as marketing, nance, HR, production, etc.
The functional level would adopt the SBUs strategy and
Mission Statement determine how to accomplish the SBUs own objectives
in its market.
Corporate Objectives To use the example of the sports goods industry again, the
marketing department would draw up marketing plans,
Marketing Audit strategies and communications to help the SBU achieve
its marketing aims.
SWOT (Strengths, Weaknesses, Opportunities,
Threats) analysis
Assumptions arising from the Audit and SWOT 10 Product Life Cycle
analysis
The Product Life Cycle[13] (or PLC, for short) is a tool
Marketing objectives derived from the assumptions
used by marketing managers to gauge the progress of a
product, especially relating to sales/revenue accrued over
An estimation of the expected results of the objec-
time. The PLC is based on a few key assumptions, in-
tives
cluding:
Identication of alternative plans/mixes - A given product would possess an Introduction, Growth,
Maturity and Decline stage. - No product lasts perpetu-
Budgeting for the marketing plan ally on the market. - A rm must employ diering strate-
gies, according to where a product is on the PLC.
A rst-year implementation program
10.1 Introduction
9.2 Levels of marketing objectives within
an organization In this stage, a product is launched onto the market. To
stimulate growth of sales/revenue, use of advertising may
As stated previously, the senior management of a rm be high, in order heighten awareness of the product in
would formulate a general business strategy for a rm. question.
However, this general business strategy would be inter-
preted and implemented in dierent contexts throughout
the rm. 10.2 Growth
Strategic business unit (SBU), in this case, means strate- 10.4 Decline
gic business unit. An SBU is a subsidiary within a rm,
which participates within a given market/industry. The Demand for a good begins to taper o, and the rm may
SBU would embrace the corporate strategy, and attune it opt to discontinue manufacture of the product. This is so,
to its own particular industry. For instance, an SBU may if revenue for the product comes from eciency savings
partake in the sports goods industry. It thus would ascer- in production, over actual sales of a good/service. How-
tain how it would attain additional sales of sports goods, ever, if a product services a niche market, or is comple-
in order to satisfy the overall business strategy. mentary to another product, it may continue manufacture
7
of the product, despite a low level of sales/revenue being An emerging area of study and practice concerns
accrued. internal marketing, or how employees are trained
and managed to deliver the brand in a way that pos-
itively impacts the acquisition and retention of cus-
11 Customer focus tomers (employer branding).
History of marketing
14 References
List of marketing terms
[1] Hunt, Shelby D. The nature and scope of marketing.
Marketing mix Journal of Marketing 40.3 (1976): 17-28.
Outline of marketing [6] Paul H. Selden (1997). Sales Process Engineering: A Per-
sonal Workshop. Milwaukee, WI: ASQ Quality Press. p.
23.
Product management
[7] Marketing library resources - content, knowledge
Production orientation databases - CIM. Retrieved 16 March 2017.
15 Bibliography
Bartels, Robert. The history of marketing
thought. (1988). online
Christensen, Clayton M. (1997), The innovators
dilemma: when new technologies cause great rms
to fail, Boston, Massachusetts, USA: Harvard Busi-
ness School Press, ISBN 978-0-87584-585-2. (edit)
16 External links
The dictionary denition of marketing at Wik-
tionary
Quotations related to marketing at Wikiquote
Marketing at Wikibooks
10 17 TEXT AND IMAGE SOURCES, CONTRIBUTORS, AND LICENSES
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Rjcain, Mild Bill Hiccup, Nrcjersey, Uncle Milty, Polyamorph, Shirarae, Kruchka, CounterVandalismBot, LizardJr8, Pulkit bajaj, Dy-
lan620, Otolemur crassicaudatus, Trivialist, Michaelmoran, Wewe100, Masterpiece2000, Excirial, Jusdafax, Three-quarter-ten, Dilipcup-
stop, Resoru, Dev.budhiraja, Abrech, AndrewTLM, Chhatrasal007, Chrispreece2007, Estirabot, Yeajilike, Rfzaman, Juggernaut316, Anita
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Mg0314b, Aitias, Versus22, Notapennymore, Mythdon, SoxBot III, DavidMatthews44, Apparition11, Hollih, DumZiBoT, Semitrans-
genic, Skunkboy74, XLinkBot, Delicious carbuncle, Spitre, SirTwitch, Thom0711, Chanakal, Softbiz, Avoided, Corydobbs, Jcbrd, Sil-
vonenBot, Mifter, Frood, Cmr08, Noctibus, TravisAF, Studiobanks, Thatguyint, Mlease, Edconcarni, Lu Wunsch-Rolshoven, So-eZ,
Addbot, Ramu50, Grayfell, WeatherFug, AlexandrDmitri, H ackerman005, Twaz, Guoguo12, Mindmajick, Fastfwdx2, Binary TSO, Pa-
terMcFly, Nivelh, PatrickFlaherty, Vyceron, Tanhabot, TutterMouse, MagnusA.Bot, Moosehadley, Msharaiha, Vishnava, Leszek Jaczuk,
Fluernutter, Bijupillai, Cst17, Themoose20, MrOllie, CarsracBot, Gene Lieb, Favonian, Jardinessardine, SpBot, FX-6, Dcizk, 5 albert
square, Tyw7, Eliza funk, Sdbmaranello, PromotionalCurrency, Tide rolls, Zorrobot, Luckyz, Ek elwing, HerculeBot, Frehley, Cassman,
Snigglebottom, Luckas-bot, Yobot, Themfromspace, Krith23, Ptbotgourou, Fraggle81, Grochim, Catch153, Marcje, AnnalisaShanghai,
Washburnmav, Fourmiz59, Lambertb, Learningtousewiki, THEN WHO WAS PHONE?, Karto, Abhinav201, TestEditBot, VerticalDrop,
ClaytonCL, Mooreseo, Tempodivalse, AnomieBOT, DemocraticLuntz, Maven111, Floquenbeam, 1exec1, Killiondude, Jim1138, Blaz-
erKnight, Piano non troppo, AdjustShift, Asboog, Kingpin13, Prodman121, RandomAct, Flewis, Materialscientist, Devil munna, Tainted
Sausage, Danno uk, Citation bot, Alex T., Nifky?, Dana Mason, Sachintellusys, SoLxStephen, Obersachsebot, Xqbot, Gen6k, Tinucheri-
anBot II, Gp93, Se91an, The Banner, Capricorn42, ChildofMidnight, Amberine, Markerting consultant, Sakaa, Portgame, Tomwsulcer,
Tyrol5, Glisenti, Williamsrus, Stephchristie, Coretheapple, Almabot, Mandelman, Horoshi1820, JohnGrinLatimer, Azwhole~enwiki, Ed-
itor br, Tiany.Remo, T5741, Laedler, Sp3, Agricmarketing, Omnipaedista, Frankie0607, RibotBOT, SassoBot, Franco3450, Abhigo86,
78.26, Ais.bul, Wardizzy2, Mantality, Ganesh J. Acharya, Delonline, Shadowjams, Elemesh, Sesu Prime, GregorAnton, Dougofborg,
Dorimedont, Natewrite, Bdmstory, Bwfoster, Giorgio-1970, Dcheagle, Tucaz, Earlkohn, Ron prince51, Bksikdar, VI, David Breth & Asso-
ciates, Biguangying, Jasviru, DivineAlpha, PapaWhitman, Svenceone, Jon Shl, JerLlo, Sopher99, MacMed, Pinethicket, I dream of horses,
Cansem, Maneuveringthought, Jonesey95, Speedboyz30, Calmer Waters, Sunsfan1797, A8UDI, Trelawnie, Hoo man, DecklessChirag,
Chanterele, Chiragiscotha, Jschnur, David Massumi, Anup1965, SpaceFlight89, NarSakSasLee, Meaghan, Czmilner, Robo Cop, San-
jeev.rbs.edu, TerryForsey, Pnautilus, Abritek, FoxBot, Hramwiki, Trappist the monk, SineSoftware, Zhernovoi, Mallika nawal, Yunshui,
Steve simple, Xenacn, Jonkerz, Charles KnNell, Vrenator, Nemesis of Reason, Acpeacoc, Marketingman1, TheGrimReaper NS, Dian0111,
Toby Desforges, Diannaa, Marketing64, USMarketingGuy, Lourdes0717, Tbhotch, Donshapiro, Sandman888, DARTH SIDIOUS 2,
AXRL, Onel5969, Mean as custard, Atifk, Somedoodfromtheqoob, Ripchip Bot, Coju, Rlholden, ACDJ, NerdyScienceDude, Desiblah,
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Lenor hesky, rico, Smucoxweb, The Nut, Nacres, A930913, Zloyvolsheb, TwerpySugar, Osmium192, Drucker1900, OnePt618, Katij13,
Bipu ss, Intelligentsock, GeorgeBarnick, Coasterlover1994, L Kensington, Hugonet, Deutschgirl, Donner60, Status, NoAdditi, Chuis-
pastonBot, Clementina, Davy wood, Corb555, Pfosh, Jimmieocarroll, TYelliot, Jaf5423, Wikiwind, Karenmharvey, Petrb, Gwen-chan,
Frosty312, ClueBot NG, Akstorm, MegHiHo, CocuBot, LogX, Justlettersandnumbers, Varitage, Nivektrah, Hollyhelman, Germain.Char,
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ANKAEH319, Leoinspace, YborCityJohn, Editormax3, Perksplus, Titodutta, Lowercase sigmabot, BG19bot, Jclmn, Raza.pk.1989,
Davidtruog, Northamerica1000, Viardot~enwiki, BusinessVoice, Kangaroopower, RecoveringAddict, Wiki13, Lily700, Marcocapelle,
Rm1271, ERJANIK, Arnerog2000, Arevoltadejoaomaria2, Niraj2402, Itsdavidbaxter, JonPoley, Zackmfc, Websitewordpress, Morn-
ing Sunshine, Achowat, SagarLakhani, Joost de bruijn, LV80, Aditisingh2707, Johncalhoun21, Nevbezz, David.moreno72, Liam987,
Teamlolpoop, Hanochrahimi, Rms1524, Sidewalkbranding, Martialoops, Ipurse, LibraryListings, Lawrel.Winners, JMUStrandce, Dexbot,
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ciesmith, SFK2, 12john21, Rajeevranjanonline, Charliedeloux, Halez4, Silkybongodrum, YasamanFp, Johnjohn100, Adityasimc, Corn
cheese, Juliantrueynn, Marcos Baker, Elmakafa, Ledbenq, Maruleth, Cengelaer, Naga1988, Forgot to put name, Epicgenius, Jshulkin,
GreatMarketingIdeas, PortfolioExp, Drmaximus1000, Chiranjay, SnowdudeCASNJ, BreakfastJr, Mofo1534, Louis Schoeman, Tentinator,
AmOneMoney, Carleemarnai, BB609, Blanknote09, EllenCT, Dabramsdt, Sanjitsengupta, Babitaarora, Osmaantahir, Mr RD, Bans ustress,
EMRhodes, Mrm7171, Samoo999, Lacyray38, Marybethmccabe, Jonathanyou96, Quenhitran, Petrius, Grandtheftauto59, Agorman1901,
Hypatia18, S72013, Noyster, UY Scuti, SmallBusinessSEO, Leigh Cowan, Luv potion, Lisovaccaro, Skr15081997, Jessie 13, Fpgh,
Csusarah, 2Michea, Logan Lynn Roberts, Monkbot, Stylianna, Navi Sagar, Mohdsukri83, MostRecentUser, Dheeren123, Creative factor,
Addisnog, Temulco3, 3NMAngels, Emperors Of Random, KBH96, Montanagundry, Joanna.skidmore2014, Alauddinjutt, Pippalou90,
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Willblieve, Amitblogger8, Culturalresearch, Ptsk1r2af1, Jasmijn rijcken, KasparBot, Amiteb, Fill17buy100, Morphdog, Wrtr63, Mari-
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FoRestville, Tompop888, Website9, Chind2011, Chloe Smith, Peace proscovia, Megan1515, Silomlon, Reporterbeth, Darolcuebajones,
Chisef, Asif Pansota and Anonymous: 2305
17.2 Images
File:Ambox_important.svg Source: https://upload.wikimedia.org/wikipedia/commons/b/b4/Ambox_important.svg License: Public do-
main Contributors: Own work, based o of Image:Ambox scales.svg Original artist: Dsmurat (talk contribs)
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nal artist: ?
File:Edit-clear.svg Source: https://upload.wikimedia.org/wikipedia/en/f/f2/Edit-clear.svg License: Public domain Contributors: The
Tango! Desktop Project. Original artist:
The people from the Tango! project. And according to the meta-data in the le, specically: Andreas Nilsson, and Jakub Steiner (although
minimally).
12 17 TEXT AND IMAGE SOURCES, CONTRIBUTORS, AND LICENSES