Marketing Notes Chapter 1 7

12323 words, 50 pages

Intro Sample...

Chapter 1
Marketing’s role in the business and society

Marketing Defined

Marketing is the process of creating, distributing, promoting and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers in a dynamic environment

The marketing process starts with the customer

Customer: the purchasers of organisations’ products; the focal point of all marketing activities. E.g. individuals, families, businesses and governments

Marketing expectations
Through buyer-seller interaction, a customer develops expectations about the seller’s future behaviour. Therefore, marketer must fulfil expectation. This interaction results in independencies between two parties.

Target market: A specific... View More »

Body Sample...

Promotion – relates to activities used to inform individuals and groups about the organisation and its products or services. Promotion can aim to increase public awareness of the organisation and new or existing products. Promotion helps to educate customers and can help to sustain interest in established products.

Marketing builds satisfying exchange relationships

Exchange – the provision or transfer of goods, services or ideas in return for something of value.

Satisfaction – a positive reaction to a purchase decision or a product after purchase.

Loyalty – The demonstration of allegiance to a brand service, company, person or idea.

The customer expects to gain reward or benefit in excess of the cost incurred in the marketing transaction.
The marketer also expects gain of value in return, generally the price charged for the product.

Marketing occurs in a dynamic environment

Marketing environment – the competitive, economic, political, legal and regulatory, technological and sociocultural forces that surround the customer and affect the marketing mix.

The effect of forces is dramatic and unpredictable. They can cause threats to marketers, but can also generate opportunities for new products and new methods of reaching customers.

Understanding the marketing concept

Marketing concept – a managerial philosophy where management is focused on helping customers to (better) satisfy their needs and wants.

An organisation should try to provide products that satisfy customers’ needs through a coordinated set of ...

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