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RICHARD BRANSON
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Marketing
Marketing Definitions
Marketing
We define marketing quite simply as ʻcreating out-standing value and being famous for it.' In our view, business and marketing are one and the same. In business we create profits by creating value for others which exceeds the price they are prepared to pay in exchange for that value. John C Lyons and Edward de Bono - Marketing Without Money
Marketing in a nutshell it consists of the social and managerial processes by which products, services and value are exchanged in order to fulfill individual's or group's needs and wants. Wikipedia
“this is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to satisfy customers.” Nick Jones, The Concepts of Business
Strategic Marketing
A philosophy, focus, orientation or concept which emphasises the proper identification of marketing opportunities as the basis for marketing planning and corporate growth. Unlike the marketing concept that emphasises consumer needs and wants, the strategic marketing concept emphasises both consumers and competitors. The Marketing Association of Australia and New Zealand MAANZ
Branding
A brand is a customer experience represented by a collection of images and ideas; often, it refers to a symbol such as a name, logo, slogan, and design scheme. Brand recognition and other reactions are created by the accumulation of experiences with the specific product or service, both directly relating to its use, and through the influence of advertising, design and media commentary.
A brand is a symbolic embodiment of all the information connected to a company, product or service. A brand serves to create associations and expectations among products made by a producer. A brand often includes an explicit logo, fonts, colour schemes, symbols, sound which may be developed to represent implicit values, ideas, and even personality. Wikipedia
The Four Ps
E. Jerome McCarthy divided marketing into four general sets of activities.
Product
The product management and product marketing aspects of marketing deal with the specifications of the actual good or service, and how it relates to the end-users needs and wants.
Pricing
This refers to the process of setting a price for a product, including discounts. The price need not be monetary - it can simply be what is exchanged for the product or service, e.g. time, or attention.
Promotion
This includes advertising, sales promotion, publicity, and personal selling, and refers to the various methods of promoting the product, brand, or company.
Placement or distribution
Refers to how the product gets to the customer; for example, point of sale placement or retailing. This fourth P has also sometimes been called Place, referring to the channel by which a product or service is sold (e.g. online vs. retail), which geographic region or industry, to which segment (young adults, families, business people), etc. Wikipedia
Seven Ps
As well as the standard four Ps (Product, Pricing, Promotion and Place), services marketing calls upon an extra three, totaling seven and known together as the extended marketing mix. These are:
People
Any person coming into contact with customers can have an impact on overall satisfaction. Whether as part of a supporting service to a product or involved in a total service, people are particularly important because, in the customer's eyes, they are generally inseparable from the total service. As a result of this, they must be appropriately trained, well motivated and the right type of person.
Process
This is the process(es) involved in providing a service and the behaviour of people, which can be crucial to customer satisfaction.
Physical Evidence
Unlike a product, a service cannot be experienced before it is delivered, which makes it intangible. This, therefore, means that potential customers could perceive greater risk when deciding whether or not to use a service. To reduce the feeling of risk, thus improving the chance for success, it is often vital to offer potential customers the chance to see what a service would be like. This is done by providing physical evidence, such as case studies, or testimonials. Wikipedia
Eight Ps
As well as the other 7, Packaging has been added to this list by some people. The rationale is that it is very important how the product is presented to the customer, and the packaging is often the first contact that a customer has with a product. Although some disagree because packaging is seen as a subfield of promotion.
“PHILOSOPHY” is the potential 8th P of marketing. Products (or services) should reflect the underlying philosophy or ethos of the organisation. It should also be clear what the philosophy behind the introduction of the particular product is, as well. Wikipedia
USP
The Unique Selling Proposition (also Unique Selling Point) is a marketing concept that was first proposed as a theory to explain a pattern among successful advertising campaigns of the early 1940s. It states that such campaigns made unique propositions to the customer and that this convinced them to switch brand. Wikipedia
In his book Reality in Advertising, Rosser Reeves (Chairman of the Board at Ted Bates & Company) gives the precise definition as it was understood at his company:
- Each advertisement must make a proposition to the customer: “buy this product, and you will get this specific benefit.”
- The proposition itself must be unique - something that competitors do not, or will not, offer.
- The proposition must be strong enough to pull new customers to the product.
Reeves also wrote that a USP does not necessarily have to be a verbal message. It can be communicated both verbally and visually. Wikipedia