THE SEVEN SINS OF MARKETING

The Definition of Marketing

- Should it Change?

The Definition of Marketing

Marketing is a management process responsible for Identifying, anticipating and satisfying customer requirements at a profit and in a socially responsible manner.

- Accepted by CIM UK

The Key Words…..

Marketing is a management process responsible for identifying, anticipating and satisfying customer requirements at a profit and in a socially responsible manner.

• The definition has remained unchanged for the past 30 years. It does not do justice to the important role that marketing plays in modern business.

How has the world changed in the past 30 years?

• The Internet, e-Commerce
• The i-Revolution – POD, MAC, PHONE
• Virtual Communities – Face book, Second Life
• Interactive TV / Direct response TV
• Advancements in Telco – Fiber optic cable, Mobile communications
• Cloning your own cat for 30 $
• Space tourism

Criticism 1

• Is satisfying the customer enough TODAY?

Pre Purchase Expectation

vs.

Post Purchase Experience

Criticism 2

• It is important to focus on needs, wants and demands, rather than just requirements!

• What are NEEDS, WANTS & DEMANDS?

Criticism 3

Customers or stakeholders?

A stakeholder is a person or organization who can influence the organization or who will be influenced by the organization and who has a legitimate interest.

Criticism 4

• Can Marketing create and deliver a Competitive Advantage?

What is a Competitive advantage?

It is something that you will do sufficiently better than someone else.

• After investing in a competitive advantage it must be sustained, leveraged.

Criticism 5

• Is marketing tactical or strategic?

Marketing becomes strategic when it creates shareholder value.

Criticism 6

• Are marketers accountable for their actions?

• Is accountability an important facet in Strategic Marketing?

• Do marketers measure enough?

Criticism 7

• What will the future be?

The evolution of Marketing

- Production Concept

- Product Concept

- Sales Concept

- Marketing Concept

- The Societal Marketing Concept

- What Next?

• Will it be consumer insight driven mass customisation?

The Key Words…..

Marketing is a management process responsible for identifying, anticipating and satisfying customer requirements at a profit and in a socially responsible manner.

The NEW Definition Proposed...

Marketing is a socially responsible strategic management function with an accountability to create shareholder value, profits and a sustainable competitive advantage. The process involves identifying, anticipating and delighting stakeholders by understanding their needs, wants and demands.