Marketing involves identifying and satisfying customer needs profitably. It aims to offer the right product at the right price, place, and time. Effective marketing requires understanding existing and potential customers, their needs, and how to add value. It also requires analyzing competition and strategies for differentiating one's business to attract customers. Marketing management involves analyzing the current situation, setting objectives, developing strategies and tactics, implementing plans, and controlling performance. Careful planning is necessary to adapt to changing markets and increasing competition.

1. Definitions of marketing
‘Marketing is the management process that identifies,
anticipates and satisfies customer requirements
profitably’
The Chartered Institute of Marketing

2. ‘The right product, in the right
place, at the right time, and at
the right price’
Adcock et al

3. The Market
 Who are our existing / potential customers?
 What are their current / future needs?
 How can we satisfy these needs?
 What is our “Unique Selling Point”?
 Can we add value for our customers and therefore earn a
profit for ourselves
 What competition is there?
 Why should customers buy from us?

4. Marketing management process
 Analysis/Audit - where are we now?
 Objectives - where do we want to be?
 Strategies - which way is best?
 Tactics - how do we get there?
 Implementation (Getting there!)
 Control - Ensuring we stay at the top.

5. Why is marketing planning
necessary?
 Planning for the future is essential. Things change quickly and if
we don’t change we’ll be out of business soon. (think about how
the internet has radically changed many businesses, not least
the music industry.)
 Increasingly competitive markets with increased globalisation.