A critical analysis of the UK supermarket sector and my preparedness to work as a manager in this sector
Introduction to Marketing
Marketing is the management function responsible for identifying, anticipating and satisfying customer requirements profitably.
Important concepts in marketing
• Needs; Basic human requirements
o e.g. physiological (eg. hunger), psychological (need for status)
• Wants; Needs become wants when they are directed to specific objects
o caused due to:
o exposure to stimuli (advertisement)
o experience
o culture
• Exchange/transactions
• Demand; want becomes demand only when the want is supported by purchasing power.
• Market; The set of actual and potential buyers of a product. These people share a need or want that can be satisfied through exchange relationships.
The marketing mix
• Defines the basic tools of a marketer
• The 4Ps concept was originally introduced by Macarthy (1960)
• The success of a marketing program would depend on a synergistic integration of the elements of the 4 Ps as well as decisions within the 4 Ps
• Product, price, place and promotion
