To try and improve my overall understanding of marketing and business, I’ve decided to start going through some degree textbooks (borrowed from my sister’s bookshelf) and making notes on some of the important principles. I’ve also starting some more FutureLearn courses soon.
The book that I’m starting with is Marketing Essentials Second Edition by Sally Dibb and Lyndon Simkin. My basic notes, points etc. are below. (I’ve always found that I learn better from initial handwritten study notes if I type them out and make sure that they’re in a coherent format). I haven’t got very far into the book yet, so there will be a fair few posts after this one, possibly in their own category and round-ups as with my FutureLearn work from the summer.
What is marketing?
Marketing is a complex set of processes
- Creating Content
- Communicating with customers and managing relationships
- Delivering value
- Providing insights and direction to the overall organisation
So, lots of different but interconnected strands.
The main focus is the understanding and ongoing satisfaction of targeted customers. ‘Targeted’ is the most important word here, it encompasses all the of the audience understanding that goes into marketing so that you can get your product in front of the people who want it, and continue to ensure that you do this as your customers and/product evolve and change.
Challenges to Good Marketing Strategies
- Too much of a focus on short-term results, meaning that there is less time spent building customer relationship/loyalty, and no clear long-term aims and goals.
- Consumer apathy – due to failure to understand and cater to your audience, and lack of ‘big ideas’, especially at management level.
- The change to consumers lives due to the internet – something that has happened very quickly over the past few years. Marketing and actual purchasing have both moved online through a range of channels – often two-way channels.
Marketing needs to be the ‘radar’ of an organisation, not just to understand the needs of the current customer base but to identify new and emerging markets and their needs. Marketers need to understand purchase behaviour and changing environments, and also have an appreciation for what their competitors do – their strategies and ideas – as well as wider mainstream marketing trends. This is what will make an organisation marketing oriented.