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A brief summary of marketing
and how it works
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 is marketing?
What
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
about advertising or selling, but this is not the
whole story. It is a key management discipline
that ensures producers of goods and services
can interpret consumer desires and match, or
exceed them.
The marketing process is central to the business
performance of companies, both large and small,
because it addresses the most important aspects
of the market. It is about understanding the
competitive marketplace and ensuring you can
tap into key trends, reaching consumers with the
right product at the right price, place and time.
Clever marketing has led to many
recent business success stories - from
pharmaceuticals to airlines, sports brands to
food and drink, business-to-business companies
to small, niche players.
Getting close has become more important than
ever as digital and mobile technology make
inroads into all aspects of life. This revolution
has also provided new tools to make marketing
more targeted, relevant and effective.
Today, as competitive pressures increase,
marketing skills have never been more highly
valued. What was once seen as a departmental
activity is now regarded as a frontline business
attitude for all...