Basic Marketing Definitions and Important Marketing Theories
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This paper is going to review some basic marketing definitions and important marketing theories. Moreover, two important marketing theories–customers focus and 4Ps Marketing Mix is specifically addressed. In the part three, the importance of Service Mix is analyzed with particular examples.
Chartered Institute of Marketings definition of Marketing
Different academic institutions or scholars try to use their own understanding to explain what marketing is. However, according to Chartered Institute of Marketing analyze, the term of “marketing” means: Marketing is the management process responsible for identifying, anticipating and satisfying consumer requirements profitably.”[1] Undoubtedly, from this definition customers become the core of marketing activities.
There are four important key words in this definition:
Indentifying– This means the company has to find out what customers need and which group of customers is your target.
Anticipating– This points out producers should predict the changes of customers requirements in the future.
Satisfying– This suggests the products would better meet customers requirements. They are the right things and to be found at the right place with the right price.
Profitably– Marketing is a win-win business activities, it not only meet the requirements and satisfying of customers but it has to think about making profits.
customers focus and 4Ps of the Marketing Mix
2.1 Definition of customers focus
Customer focus is considered to be one of the keys to business success. Achieving customer focus involves ensuring that the whole organization, and not just frontline service staff, puts its customers first. All activities, from the planning of a new product to its production, marketing, and after-sales care, should be built around the customer. Every department and every employee should share the same customer-focused vision. [2]
2.2 Definition of 4Ps of the Marketing Mix
“Marketing mix” is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The 4 Ps is one way – probably the best-known way – of defining the marketing mix,.
The 4Ps are:
Product (or Service)
Place
Price
Promotion [1]
The relationship between customer focus and 4Ps of the Marketing Mix
There