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Last Updated: Sep 2009
Last Updated: Sep 2009
Strategies and Tactics - Strategies are best explained as the direction the marketing effort will take over some period of time, while tactics are actionable steps or decisions made in order to follow the strategies established. For instance, if a strategy is to enter a new market, the tactics may involve the marketing decisions made to carry this out. Performing strategic and tactical planning activities in advance of taking action is considered critical for long-term marketing success.
Identify - Arguably the most important marketing function involves efforts needed to gain knowledge of customers, competitors, and markets. We will see throughout this tutorial how marketing research is utilized in all decision areas. And since it is so important, Part 2 of this tutorial will examine marketing research in greater detail.
Create - Competition forces marketers to be creative people. When marketers begin new ventures, such as building a new company, it is often based around something that is new (e.g., new product, new way to distribute a product, new advertising approach, etc.). But once the new venture is launched innovation does not end. Competitive pressure is continually felt by the marketer, who must respond by devising new strategies and tactics that help the organization remain successful.
Maintain - Today's marketers work hard to insure their customers return to purchase from them again. Long gone (see History below) are the days when success for a marketer was measured simply in how many sales they made each day. Now, in most marketing situations, marketing success is evaluated not only in terms of sales figures but also by how long a marketer can retain good customers. Consequently, marketers' efforts to attract customers does not end when a customer makes a purchase. It continues in various ways for, hopefully, a long time after the initial purchase.
Satisfying Relationships - A key objective of marketing is to provide products and services that customers really want AND to make customers feel their contact with the marketer is helping to build a good relationship between the two. In this way the customer is made to feel as if she/he is a partner in the transaction not just a source of revenue for the marketer. In recent years this has lead to the concept of Customer Relationship Management (CRM), which has emerged as a strategic approach that insures that everyone in an organization, not just the marketer, understands the importance of customers. Maintaining close and consistent relationships with customers through all points of customer contact is crucial but difficult to do well. We'll see in later sections technology plays a key role in carrying out CRM, so that nearly anyone in a organization that comes into contact with a customer (e.g., sales force, service force, customer service representatives, accounts receivable, etc.) has the necessary information and is well prepared to deal with the customer.
Value for Both Customer and Marketer - Value refers to the perception of benefits received for what someone must give up. For customers value is most often measured by how much they feel they are getting for their money, though the value one customer feels she/he obtains may differ from the perception of value from another customer even though they purchase the same product. On the other side of the transaction, the marketer may measure value in terms of how much profit they are making for the marketing efforts and resources expended. For a successful marketing effort to take place both the customer and the marketer must feel they are receiving something worth while in return for the efforts. Without a strong perception of value it is unlikely a strong relationship can be built. Throughout this tutorial we will emphasize value and show ways in which the marketer builds value into the solutions they offer.
Identify - Arguably the most important marketing function involves efforts needed to gain knowledge of customers, competitors, and markets. We will see throughout this tutorial how marketing research is utilized in all decision areas. And since it is so important, Part 2 of this tutorial will examine marketing research in greater detail.
Create - Competition forces marketers to be creative people. When marketers begin new ventures, such as building a new company, it is often based around something that is new (e.g., new product, new way to distribute a product, new advertising approach, etc.). But once the new venture is launched innovation does not end. Competitive pressure is continually felt by the marketer, who must respond by devising new strategies and tactics that help the organization remain successful.
Maintain - Today's marketers work hard to insure their customers return to purchase from them again. Long gone (see History below) are the days when success for a marketer was measured simply in how many sales they made each day. Now, in most marketing situations, marketing success is evaluated not only in terms of sales figures but also by how long a marketer can retain good customers. Consequently, marketers' efforts to attract customers does not end when a customer makes a purchase. It continues in various ways for, hopefully, a long time after the initial purchase.
Satisfying Relationships - A key objective of marketing is to provide products and services that customers really want AND to make customers feel their contact with the marketer is helping to build a good relationship between the two. In this way the customer is made to feel as if she/he is a partner in the transaction not just a source of revenue for the marketer. In recent years this has lead to the concept of Customer Relationship Management (CRM), which has emerged as a strategic approach that insures that everyone in an organization, not just the marketer, understands the importance of customers. Maintaining close and consistent relationships with customers through all points of customer contact is crucial but difficult to do well. We'll see in later sections technology plays a key role in carrying out CRM, so that nearly anyone in a organization that comes into contact with a customer (e.g., sales force, service force, customer service representatives, accounts receivable, etc.) has the necessary information and is well prepared to deal with the customer.
Value for Both Customer and Marketer - Value refers to the perception of benefits received for what someone must give up. For customers value is most often measured by how much they feel they are getting for their money, though the value one customer feels she/he obtains may differ from the perception of value from another customer even though they purchase the same product. On the other side of the transaction, the marketer may measure value in terms of how much profit they are making for the marketing efforts and resources expended. For a successful marketing effort to take place both the customer and the marketer must feel they are receiving something worth while in return for the efforts. Without a strong perception of value it is unlikely a strong relationship can be built. Throughout this tutorial we will emphasize value and show ways in which the marketer builds value into the solutions they offer.
If you look around the Internet you will find marketing defined in many different ways. Some definitions focus on marketing as the process involved in satisfying the needs of a particular market, while other definitions lean more toward defining marketing in terms of its most visible functional areas, such as advertising and product development. There probably is no one best way to define marketing, though whatever definition is used should have an orientation that focuses on satisfying customers.
For the purpose of this tutorial we will define marketing as follows:
Marketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer.
Key terms are:
For the purpose of this tutorial we will define marketing as follows:
Marketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer.
Key terms are:
