Marketing

What is Marketing?

The CIM (Chartered Institute of Marketing) defines marketing as "The management process responsible for identifying, anticipating and satisfying customer requirements profitably."

Every product we buy, every shop we visit (on-line or on the high street), every media message we receive and every single choice we make in our consumer society has been influenced by the forces of marketing...

It is often assumed that marketing is just about advertising or selling - this is not the case. Marketing is a key discipline that enables producers of goods and services to understand consumer desires and meet or exceed them.

The marketing process should be central to all businesses as it addresses the most important aspects of the market. Marketing is about understanding your competitive marketplace, enabling you to engage with current trends, reaching consumers with the right product at the right price, place and time.

Throughout history there have been many reminders of how successful vs. unsuccessful marketing has affected businesses large and small. Without strong marketing, you can’t get close to your customers to satisfy their needs – and if you can’t, a competitor most likely will. Examples of business not listening to their audience are giants such as HMV and Thomas Cook - simply put, they got left behind by failing to acknowledge changes in market behaviour.

The 7 P's of Marketing

The "7 Ps" of marketing used to be the "4 Ps" Product, Price, Place & Promotion. In more recent times, however, the following were added as marketing became more sophisticated; People, Process & Physical Evidence