Lecture notes
Marketing
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Marketing and the 7Ps: A brief summary of marketing and how it work“ Marketing is the
management process
responsible for
identifying, anticipating
and satisfying customer
requirements profitably.”
2 Marketing and the 7Ps – © CIM 2015
, Marketing and the 7Ps: A brief summary of marketing and how it work
01
What is marketing?
Every product we buy, every store we visit, every media message we
receive and every choice we make in our consumer society has been
shaped by the forces of marketing.
CIM (The Chartered Institute of Marketing) offers the following definition for marketing:
“ The management process responsible for
identifying, anticipating and satisfying customer
requirements profitably.”
Sometimes people assume marketing is just Getting close has become more important than
about advertising or selling, but this is not the ever as digital and mobile technology make
whole story. It is a key management discipline inroads into all aspects of life. This revolution
that ensures producers of goods and services has also provided new tools to make marketing
can interpret consumer desires and match, or more targeted, relevant and effective.
exceed them.
Today, as competitive pressures increase,
The marketing process is central to the business marketing skills have never been more highly
performance of companies, both large and small, valued. What was once seen as a departmental
because it addresses the most important aspects activity is now regarded as a frontline business
of the market. It is about understanding the attitude for all employees.
competitive marketplace and ensuring you can
The professionals who shape and implement
tap into key trends, reaching consumers with the
marketing strategy contribute directly to
right product at the right price, place and time.
the economy. Their skills attract and retain
Clever marketing has led to many customers, build sales and increase profits
recent business success stories - from – generating wealth for all.
pharmaceuticals to airlines, sports brands to
food and drink, business-to-business companies
to small, niche players.
Conversely, history reminds us that without
proper marketing, you can’t get close to
customers and satisfy their needs – and if you
can’t, a competitor surely will.
Marketing and the 7Ps – © CIM 2015 3
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