The importance of marketing:
The increase in appointing a Chief Marketing Officer (CMO) shows the importance of marketing for many companies. They are on the same management level as Executive Officers and Chief Financial Officers. Jack Welch, General Electrics former CEO, stated ‘Change or die’ when it comes to surviving in business.
What is Marketing?
This chapter will take a look back on the fundamental elements of marketing and also what is happening in the 21st century.
Definition: ‘marketing is an organisational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the ...view middle of the document...
Ideas: Charles Revson of Revlon said ‘in the factory, we make cosmetics, in the store we sell hope’. This emphasizes the fact of how products and services are just mediums for delivering an idea or benefit.
A marketer is seeks a response from another party who is called the prospect. These responses could be attention, votes, a purchase or donation.
Marketers are responsible for demand management. One of the duties of a marketing manager is to seek to influence the level, timing and composition of demand to meet the objectives of the company. The eight demand states that are possible are:
- Negative demand: consumers dislike a product and may even pay a price to avoid it.
- Nonexistent demand: consumers maybe unaware or uninterested in the product.
- Latent demand: consumers share a strong need that cannot be satisfied by an existing product.
- Declining demand: product is bought less frequent or not at all.
- Irregular demand: purchases are seasonal/monthly/weekly etc
- Full demand: products...