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Chapter 6 Marketing to Create Value

DOI: 10.23912/978-1-910158-78-4-2916

ISBN: 978-1-910158-78-4

Published: January 2016

Component type: chapter

Published in: Enterprise and its Business Environment

Parent DOI: 10.23912/978-1-910158-78-4-2852

Abstract

Entrepreneurs generally feel enthusiastic when discussing their product or service idea but less comfortable when asked about their marketing approach. Marketing can suggest advertising, selling or tricks to influence people to buy things that they do not need, at a price they perhaps cannot afford. Marketing does include advertising and selling, but it is not about manipulating customers. Fifty years ago the Chartered Institute of Marketing defined marketing as “the management process responsible for identifying, anticipating and satisfying customer requirements profitably” (CIM, 2007). It is both a way of thinking about and a function within business – an activity and a way of thinking. It is the part of an enterprise that thinks about the customer first; by taking a customer-centric view it better understands needs and wants. It can then actively use the resources available to provide the very best value goods and services and develop a long-term relationship with existing and potential customers. For many smaller businesses marketing can seem to be an expensive luxury but this chapter will consider how any new enterprise will benefit from both the ideas and actions of marketing.

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Contributors

  • Geraldine McKay (Author)

For the source title:

Cite as

McKay, 2016

McKay, G. (2016) "Chapter 6 Marketing to Create Value" In: Arshed, N., McFarlane, J. & MacIntosh, R. (ed) . Oxford: Goodfellow Publishers http://dx.doi.org/10.23912/978-1-910158-78-4-2916

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