Questions to ask:
- What is marketing?
- What is the Hierarchy of Needs and what are its limitations?
- What is the difference between needs, wants, and demands?
- How is researching needs important in marketing and selling of products or services?
- What is marketing strategy and how can it be codified into a marketing plan?
What is marketing?
“The activity, set of institutions and processes for creating, communicating, deliveing and exchanging offerings that have value for customers, clients, partners and society at large”
- American Marketing Association
i.e. satisfying consumers needs profitably
What is the ‘hierarchy of needs’ and what are its limitations?
“Needs” can be objective
What is the difference between needs, wants, and demands?
How is researching needs important in marketing and selling of products or services?
What is marketing strategy and how can it be codified into a marketing plan?
Random Notes from Videos
- Different industries, companies & segments will each have a different approach to marketing
- (GOD this Vimeo connection is terrible!!)
- ONE UNIVERSAL PROBLEM that all companies have: management of demand for their goods and services
- Differences between marketing, sales, sales support, key account management:
- “granularity” vs “time”
- (see graph - demand management matrix)
- “cluster analysis” in marketing (research)
- When do we need marketing?
- How effective is it?
Marketing is the activity and processes for creating, communicating, delivering and exchanging offerings that have value for demand dependent stakeholders (American Marketing Association 2013).
The functional approaches to marketing and marketing management are diverse and include:
- long-term demand ecosystem management
- brand creation and maintenance
- long-term marketing mix management – managing the 7Ps, development and/or execution of product strategies, plans and programs relating to exchange possibilities
- new exchange development and launch programs
- long-term monitoring of PESTEL (political, economic, social, technological, environmental, legal) and related influences on critical agents and the demand ecosystem
- managing internal relationships – partnering, coordinating and motivating cross-functional teams
- managing external relationships – key industry organisations, external agencies (e.g. ad agencies)
- data and knowledge management – conducting, supervising and coordinating formal ecosystems and agent/actor research activities
- managing productivity and performance – developing performance analyses and financial metrics for marketing and planning, creating and controlling marketing resources
- designing reporting structures, value-adding processes and recruiting for the marketing function.