MARKETING

Definitions of Marketing

‘The management process responsible for identifying , anticipating and satisfying customer requirements profitability’

Marketing is a business term referring to the promotion of products, especially advertising and branding. The term developed from the original meaning which referred literally to going to market, as in shopping, or going to a market to sell ones products.

'Marketing is not about providing products or services it is essentially about providing changing benefits to the changing needs and demands of the customer’

Types of marketing

1) Undifferentiated marketing: Assumes everyone is the same and aims a particular product at everyone. Advantages: easy to plan, doesn't miss anyone. Disadvantages: can be wasteful, ignores segmentation, can lead to disappointing sales.

2) Differentiated marketing: aims the product at specific segments in the market. The company may be trying to sell exactly the same product to different segments but it will change its promotional methods and the image it creates. Advantages: separate mix can be developed for each segment, different markets can be easily identified. Disadvantages: Can be costly, message may by-pass some customers.

3) Concentrated marketing: is when the message is aimed at just one small market. Advantages: Small firms can concentrate their marketing, allows a specific mix to be developed. Disadvantages: Ignores other areas of the market, can cause problems in future as may make it more difficult for company to expand.