M A R K E T I N G -U P D A T E
On this page of our web site we examine Marketing and we learn why people buy things. We also look at the concept of marketing, market research and recommend the latest marketing tools.
Marketing means many things - The word 'marketing' is an umbrella word. To a salesman, marketing means selling. To an advertising executive, it means advertising, and to a department store manager it means retailing. Each of these people thinks of only one part of total marketing. This is not wrong. Each part plays a role, but none gives the whole picture. See also this useful explanation.
Our interest is with the whole picture, with total marketing. Let us therefore agree on a definition, so that we know what we are talking about. "Marketing is the total system of business activities designed to plan, price, promote, and distribute products or services to existing and potential customers."
This view of marketing implies a number of things:
Our next step is to see how this view helps you to market your products or services in a small business.
The concept in practice:
We may now take our definition above, and see how it suggests we go about the practical marketing of our products or services. The best summary of practical steps is that given in the so-called marketing concept. This was first formulated by General Electric many years ago. Today the marketing concept has come into its own as the basis of practical marketing policies for companies, large and small, around the world.
The marketing concept is a total approach and suggests a five-pronged system of action,
The marketing concept spells out two fundamental beliefs:
Consequently all your company's activities must be devoted to, first, finding out what your customers want, and then satisfying these wants at a profit to you. Read this interesting article about "Know Your Customers" click here
Footnote: This adapted material has been kindly supplied by Stellenbosch University, South Africa
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