How Marketing Is Both An Art And A Science ( Kotler, Et Al

1141 WordsAug 10, 20155 Pages
1. Introduction Marketing is both an art and a science (Kotler, et al., 2013). One of the shortest definitions of marketing is “meeting needs profitably” (Kotler, et al., 2013). Fairfax Media Ltd (Fairfax) runs The Sydney Morning Herald and The Age online Shops (The Shop). Fairfax provides the shop with a budgeted amount of promotional inventory throughout the Fairfax portfolio, from which the shop must return an acceptable profit and customer satisfaction. The shop works to develop suitable products to serve this requirement. As set out in this report, the shop has an opportunity to work with a leading Australian Artist, producing Giclee Prints from some of the artists’ work (the product) and marketing these to the Fairfax audience as available for purchase through the shop. The American Marketing association’s website defines marketing as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large (Anon., 2013). This report considers the task and broad environments involved in bringing the product to market, detailing the information that would be used in a marketing plan, with the goal of achieving the Fairfax financial goals including the other objectives as defined by marketing above. 2. Situation Analysis 2.1 Market segments Fairfax is as a credible, trusted voice across a broad portfolio of brands throughout Australia. They have a vast, highly
Open Document