7ps of Marketing
Marketing and the 7Ps
A brief summary of marketing and how it works
© The Chartered Institute of Marketing 2005 www.cim.co.uk/marketingresources www.cim.co.uk/knowledgehub | 1
Marketing and the 7Ps:
A brief summary of marketing and how it works
ONE
What is marketing? he Chartered Institute of
T
Marketing offers the following
Marketing is the management process responsible for identifying, anticipating and
Every product we buy, every store we visit, every media message we receive,
definition for marketing: “Marketing is
every choice we make in our consumer
the management process responsible
society has been shaped by the forces
for identifying, anticipating and
of marketing. The marketing process is
satisfying customer requirements
central to the business performance of
profitably.”
companies, large and small, because it addresses the most important aspects
satisfying customer
It’s a bit of a mouthful, but it highlights
requirements
that the customer is at the heart of
profitably.
marketing, and businesses ignore this
Today, as competitive pressures
— CIM definition
at their peril.
increase, marketing skills have never
In essence, the marketing function is the study of market forces and factors and the development of a company’s position to optimise its benefit from them. It is all about getting the right product or service to the customer at the right price, in the right place, at the right time. Both business history and current practice remind us that without proper marketing, companies cannot get close to customers and satisfy their needs. And if they don’t, a competitor surely will.
Marketing is sometimes wrongly defined within the narrow context of advertising or selling, but this is not the whole story. Marketing is a key management discipline that enables the producers of goods and services to interpret customer wants, needs and desires —
A brief summary of marketing and how it works
© The Chartered Institute of Marketing 2005 www.cim.co.uk/marketingresources www.cim.co.uk/knowledgehub | 1
Marketing and the 7Ps:
A brief summary of marketing and how it works
ONE
What is marketing? he Chartered Institute of
T
Marketing offers the following
Marketing is the management process responsible for identifying, anticipating and
Every product we buy, every store we visit, every media message we receive,
definition for marketing: “Marketing is
every choice we make in our consumer
the management process responsible
society has been shaped by the forces
for identifying, anticipating and
of marketing. The marketing process is
satisfying customer requirements
central to the business performance of
profitably.”
companies, large and small, because it addresses the most important aspects
satisfying customer
It’s a bit of a mouthful, but it highlights
requirements
that the customer is at the heart of
profitably.
marketing, and businesses ignore this
Today, as competitive pressures
— CIM definition
at their peril.
increase, marketing skills have never
In essence, the marketing function is the study of market forces and factors and the development of a company’s position to optimise its benefit from them. It is all about getting the right product or service to the customer at the right price, in the right place, at the right time. Both business history and current practice remind us that without proper marketing, companies cannot get close to customers and satisfy their needs. And if they don’t, a competitor surely will.
Marketing is sometimes wrongly defined within the narrow context of advertising or selling, but this is not the whole story. Marketing is a key management discipline that enables the producers of goods and services to interpret customer wants, needs and desires —