Chapter 1-Intro to Marketing Planning

•  MARKETING 

 Marketing is the organizational role and a series of procedures aimed at generating, conveying, and providing value to customers, while also overseeing relationships for the interest of the organization and its stakeholders.

• CHARACTERISTICS OF THE NEW ECONOMY

The new economy is the transition from a manufacturing-based economy to a service-based economy, and has been mainly driven by new technology and innovations.This new economy gives the customer plenty of power when purchasing goods and services, variety to choose from and having adequate information of desired products. On the other hand it gives companies information about what the customer really wants, improving quality of service at less cost.

• MARKETING AND SALES

Marketing and sales might look the same but are pretty different. They are targeted at achieving different goals. Marketing is long term and focuses on the interest of the customer. Trying to make the company make what the consumers need. While sales is short term and focuses on the needs of the company. It aims at making the consumers like what the company makes.

Sales convert products into currency, while marketing is the approach to meeting and fulfilling customer requirements.

Does marketing create or satisfy needs?

Marketing seeks for existing consumer needs and finds the best way to satisfy them.

• MARKETING CONCEPT 

In a bid to satisfy preexisting needs, Marketing answers the following questions:

For whom (your target market), for why (for consumers needs), how(through integrated marketing) and why( for profitability)?

If the company fails to answer any of these questions, they leave their customers behind which will bring about less sales, increased customer disatisfaction.

A clear example companies that forgot about their customers is the INTERNET EXPLORER. It led to its retirement in 2022.

References: Ilias Avgeropoulos(2004) Marketing Planning power point  , Kotler (2000) Marketing Management