Marketing Principles

Marketing Principles

Marketing Principles

In the following assignment I will be covering CIM and AMA definitions of marketing, while trying to apply them to the Restaurant Industry.

By definition

“A restaurant is a business establishment which prepares and serves food and drink to customers in return for money, either paid before the meal, after the meal, or with a running tab. Meals are generally served and eaten on premises, but many restaurants also offer take-out and food delivery services. Restaurants vary greatly in appearance and offerings, including a wide variety of the main chef's cuisines and service models.”

Source Wikipedia

Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling the product or service. It is a critical business function for attracting and maintaining customers.

In our society, marketing is the link between material requirement and its economical patterns, while satisfying these needs through exchange processes and building long term relationships. It is the process of communicating the value of a product or service through positioning to customers.

Definitions

Chartered Institute of Management

“Marketing is the management process that identifies, anticipates and supplies customer requirements efficiently and profitably.”

American Marketing Association

“Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational goals”

Although created in 1976 the world has changed significantly since the drafting of that sentence.

It was a pre-internet and pre--globalisation age, looking at it today it does seem pre-dated, marketing was much easier back then as there were fewer channels to market and less of a focus on relationships or service marketing, within the food industry which is over saturated with...