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Handout 15: Marketing

Learn the fundamental principles of marketing, including the definition of marketing, the function of marketing, the roles of marketing, the marketing mix, and the 7Ps. Understand how to identify and satisfy customer requirements profitably.

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Handout 15: Marketing

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  1. PowerPoint presentation Handout 15: Marketing • Unit 320 (B&A 59): Principles of business

  2. Definition of marketing • According to the Chartered Institute of Marketing: • ‘Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.’ • www.cim.co.uk

  3. Function of marketing • To ensure the organisation produces the right product at the right price and to get that product to the customers who will buy it. • Without marketing, it is unlikely that the organisation will be able to attract customers to buy its product/services.

  4. Roles of marketing • The marketing department is likely to be involved in the following: • carrying out market research • identifying/sourcing potential new products • product/service development • setting the market price of products • promoting products/services • advertising • identifying potential customers for sales • public relations • customer service • identifying distribution channels for products.

  5. The marketing mix • The 4Ps • Product • Price • Place • Promotion

  6. Product • The right product for customers: • What they want – the product meets their needs • Provides quality and value • Provides the benefits they are looking for • Products can also be intangible – eg a package holiday

  7. Price • The right price to represent value for the customer • Must also achieve profit for the organisation • Must be competitive • The higher the price, the higher the perceived quality

  8. Promotion • The way the organisation communicates the benefits of its products to a customer • Must be cost-effective • Must be suitable for the product/service • Starts with the employees

  9. Place • The right place to attract customers – shop window, Internet • Also covers how the organisation gets the product to the customer – distribution • Right place, right time, right quantity

  10. The 7Ps • A tool appropriate to marketing services rather than physical products • Adds three further criteria to the 4Ps: • people • process • physical evidence.

  11. People • People that provide the service – the staff • Must have adequate knowledge and training • Must have the right attitude to provide customer satisfaction • Are the representatives of the organisation and all it stands for

  12. Process • Systems the customer has to go through in order to access the service: • How they make initial contact • Waiting times • Ease of use • Access to information • Helpfulness of the staff

  13. Physical evidence • Evidence that the service has been performed • Customer can see that they have received the service • Also applies to evidence suggestive of the quality of service before it is received

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