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The marketing concept - Coggle Diagram
The marketing concept
Definitions
The Chartered Institute of Marketing, 2015
management process responsible for identifying, anticipating and satisfying customer requirements profitably
American Marketing Association, 2013
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Key points
process of activities that make possible an exchange
An offering
Value for all parties
Marketing function
Market monitoring and analysis
Trends
Opportunities
Threats
Competition
determining objectives and strategies
Consumer targeting
Brand management
Product / service communications
Marketing Process
Analysis of market
Strategy selection
Formulation of offering
Implementation, monitoring and evaluation
Mission, Vision, Values
Mission
A reason for existence
Wilson and Gilligan, 2005, p. 280
Will pass 6 tests
specific enough to guide staff’s behaviour
based on fulfilling customers’ needs and satisfaction
encapsulate the organisation’s key skills
signal opportunities and threats
be achievable
Be adaptable
Vision
Future focused
Adapted over time
Must take into account
rganisation’s heritage: its performance record and ownership history
leaders’ values, preferences and expectations
environmental factors, particularly opportunities and threats
available resources
distinctive competencies
Values
Guide behaviour
State beliefs
State how an organisation will conduct business