The role of marketing
In this first section we turn our attention to the role of marketing. It is tempting to believe we know all about marketing as we are surrounded by it every day. However, firms are more scientific in their approach than we might always assume and the psychology of marketing has been developed and tested over many years. There is some argument over the extent to which we, as consumers, can be manipulated, but there is little doubt that marketing is highly influential in the way we behave and that it impacts on our purchasing behaviour and intentions.
Marketing can be viewed as both a functional aspect of an organisation and a business philosophy. The marketing philosophy or concept is an approach that stresses the achievement of business goals through customer satisfaction. The complex range of activities that define marketing are applicable to all firms, large or small, new or established and even applies to non-profit making organisations.
Marketing is the process of identifying a target market, defining what that target market needs and/or wants and organising the firm to meet those needs and wants. The Business and Management marketing syllabus begins with the requirement to examine the characteristics of the markets in which firms operate and to be able to examine the relationship between the firm and those markets. In particular it considers the following three elements:
- Market size
- Market growth
- Market share