Marketing Lecture
Script by Katrina Carrasco
Audio Index
Slow dialog: 1:10
Explanation: 5:02
Fast dialog: 19:10
Questions: 21:36
During the next few weeks, we will be learning about the
basic principles of marketing, from
conceiving the idea for a
product, to developing it based on market
research, to
promoting its sale. If you all read the assignment for last night you should already have an idea about what we will be discussing today.
What is marketing? The Chartered Institute of Marketing defines it as the “management process of anticipating, identifying and satisfying customer requirements
profitably.” This definition describes
modern marketing, because only recently have the
needs and
wants of the consumer played a part in
influencing marketing strategy. It has only been in that last
half-decade or so, in fact, that companies have
based their product development on market research. Before market research was developed, companies produced whatever goods they felt were most useful, but
left it up to salespeople to find the best ways to sell those goods to customers.
Two terms we will be using frequently in our discussions over the coming weeks are
acquisition and
base management. These terms describe two key parts of marketing strategy. Acquisition refers to the process of acquiring new customers, through advertisings, promotions, and
product placement. Base management refers to the process of maintaining relationships with existing customers, as well as identifying other products they need through
interacting with those customers.
One of the chapters I assigned for today was the introduction to
advertising. As you would have read, advertising is a
crucial part of marketing. Advertising
plays a major part in the acquisition process, and it is probably the part of marketing that you, as young consumers, have most come into contact with.
Advertising and promotion are part of today’s basic marketing strategy, but they
fly in the face of classical economic theory, which operates on the idea that
supply and
demand are not
dependent on one another. If the supplier of a good promotes that good, they are
in essence telling the consumer, or demand side of the equation, what it is that they want to consume. Supply is trying to influence demand. Some critics argue that this
perverts the ideal
free market.