is the management process involved in identifying, anticipating and
satisfying consumer requirements profitably”.
It isn't just the four Ps. There
are many features of marketing:
of vital importance, therefore firms should try and meet their needs.
Market research is often used for this purpose.
a process, it is ongoing rather than having a start and a finish.
The marketing model can show this process:
marketing involves building up relationships with customers.
Hopefully customers will develop a favourable view of the business
and buy their products over time.
a business philosophy, where firms aim to cater for all consumers needs,
e.g., play areas for children.
isn’t simply about selling, firms must undertake market research, design
and test the product on consumers.
Product and Market Orientation
businesses are product orientated. This
means they design and market a product and then try to convince consumers to
buy it, e.g., drug companies like Glaxo will develop a product to consumers
with an illness and then they market it.
place the emphasis on producing a technically sound product, producing it and
selling it. The only contact
with customers comes at the final stage.
can also be market orientated. This
is where companies try to find out what consumers like before designing a
product, e.g., Pepsi Max was designed to suit the needs of the consumers.
because firms are market orientated doesn’t guarantee success and profits.
There is a chance that people still won’t like the good or service
or they will continue to buy from competitors.
Firms have been recently using an
asset based approach to marketing, where the business develops those goods or
services that make the best use of major strength. This means concentrating on what the business is good at,
however thy still need to take into account what the market wants.
Businesses have attempted to produce new products that are related to
successful existing products, e.g., Mars Bar ice-creams.