Marketing

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Archaeological evidence of historical marketing
Greece, 10 000 years ago
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How long has systematic studying of marketing existed?
For about 100 years
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What brought an interest for marketing?
1) From barter to trading changed philosophy - from individual trade to large scale retailing. 2) Industrial revolution changed the small market where everyone was perfectly informed
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Say's law criticism in Marketing history
Invalid - Desire to buy could be influenced by other factors than providing a supply
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Classical Economy criticism in Marketing
Self-regulating equilibrium increasingly invalid in economics. Marketing could increase demand
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Marketing focused on... (distribution or consumers)
Distribution of products. It was believed that the middle man added cost instead of value
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Consideration of the consumer happened in...
Late nineteenth century
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Industrial revolution brought a change defined as...
"A buyers market was replacing a sellers market" - Bartels
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A direct proof of the development of marketing thought is...
The changing and expanding marketing course selection at American universities in early twentieth century
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Examples of marketing courses
"Distribution of Products" 1905 at Ohio State University. Curriculum consisted of 11 courses in 1921
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Criticism of Bartels
1) First marketing course in Germany, not the US. 2) Marketing can be traced back to Greece. 3) No clear point of separation between decades. 4) Distinction between later decades is thin
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1935 American Marketing Association definition of Marketing
Business activity of moving goods to consumers
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1985 American Marketing Association definition of Marketing
Planning and executing conception, price, promotion and distribution of idea and goods
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2006 American Marketing Association definition of Marketing
Creating, communicating and delivering value to consumers
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Newer areas of Marketing thought
1) Quantitative aspects of marketing thought. 2) Marketing systems. 3) Environmentalism. 4) Comparative marketing. 5) International marketing. 6) Logistics. 7) Marketing and society
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Quantitative aspects of marketing thought
Buzzell, 1964 - Mathematics used in model building
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Benefits of Quantitative aspects of marketing thought
1) Greater precision in differentiation and definition of marketing aspects. 2) Identification and measurement of relationships among numbers of variables
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Environmentalism
Social environment added to concept of physical and economic environment
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Logistics
1960s saw a resurgent interest in distribution of goods
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Marketing and society
1960: Demand for combination of marketing and social issues led to a movement from consideration only of profits, to consideration for societal implications of marketing decisions and actions
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Key events in marketing history
1) Fordism. 2) Neo-fordism. 3) Taylorism. 4) Global and financial markets
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Fordism
Demand influenced by advertising industry. Mass market for consumer
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Neo-fordism
Personalised products, consumers in niche markets, service element dominates rather than production
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Taylorism
Frederich Winslow Taylor applied science to management to make it more effective
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Achievements of Taylorism
1) Good retailers can be trained, no longer thought to be innate. 2) Designing optimal workway, eg. McDonalds (may not promote creativity)
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Why are firms market aware?
1) Environmental context affect organisation results. 2) Dictates the need to commit human and financial resources
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Why are firms not market aware?
Expensive for small businesses - but can be done through scanning newspapers
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Model for market analysis
Analyse environment -> Formulate strategy -> Implement strategies -> Evaluation and control
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Why is it important to know one's market and consumers?
1) A firm's business environment changes all the time. 2) Many bases for segmentation
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How are environmental analyses conducted?
1) Information about current market position. 2) be aware of developments in market. 3) testing products. 4) continuous analysis after product is launched
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Definition of market segment
"Consumers who respond in a similar way to a given set of marketing stimuli." - Kotler, 1983
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What is segmentation?
Market is broken down along a number of dimensions, eg. geographical, gender, age, income, occupation
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What is targeting?
Identifying the market segments the organisation wishes to pursue. Target marketing is about developing products and a marketing mix which meets the needs of the segment.
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What is positioning?
Placing the product in the market so that it meets customers' expectations
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Choice of most appropriate segment depends on:
1) Whether segment can be accurately identified. 2) If it's large enough to be profitable. 3) Whether it can be served within certain cost restraints. 4) Management goals
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Advantages of segmenting, targeting and positioning
1) Catering more precisely to the need of a group. 2) Competitive advantage. 3) Assists development of products. 4) Targeting can make more efficient use of resources. 5) Appropriate positioning can add value to the products
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Card 2

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How long has systematic studying of marketing existed?

Back

For about 100 years

Card 3

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What brought an interest for marketing?

Back

Preview of the front of card 3

Card 4

Front

Say's law criticism in Marketing history

Back

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Card 5

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Classical Economy criticism in Marketing

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