Meth in the Workpalcew

Marketing Principles Week 2

Professor Neil Towers

The Marketing Function

• Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably. (Chartered Institute of Marketing) • Depending on the organisation it can also involve the integrated planning of marketing together with any research that is undertaken into markets, customers, competitors, or on initiatives such as new products.

REAL WORLD ‘INSIGHTS’

• Dyson is a British technology company, founded in 1992 by Sir James Dyson, which designs and manufactures vacuum cleaners, hand dryers, bladeless fans and heaters. It sells machines in over 50 countries and employs 3,100 people worldwide. The company prides itself on engineering products which work in different and better ways than their predecessors. Success has been achieved by understanding the value proposition through a marketing orientation and then marketing innovative products to a broad customer base.

Development of the Marketing Concept

• Kotler and Keller (2006) define the marketing concept as follows:

– The marketing concept holds that the key to achieving organisational goals lies in determining the needs and wants of target markets and delivering the desired satisfactions more efficiently and effectively than the competition.

Marketing Orientation

• Production orientation

– “You can have any colour you want so long as it Black” Henry Ford in 1920 Model T

• Product orientation

– Often design lead leading to costly complexity such with 1950/60s FMCG or Beauty products

1950s onwards

• Sales Orientation

– Limited variety and surplus of supply. Advent of consumerism in 1960s but with little attention to customer needs and wants.

• Customer orientation

– Intelligent, knowledgeable and ‘savvy’ for value. Advent of brands, collections, sub brands, labels etc – Segmentation, Targeting and Positioning – Welcome to ‘Fred and Sheila’

• Select an organisation...