MGT103 notes

MGT103 notes - Marketing Chapter 1 Definition of Marketing:...

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Marketing Chapter 1 - Definition of Marketing : Marketing is the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large. - Marketing seeks to discover the needs and wants of prospective customers and to satisfy them and the key to achieving this is exchange . - 4 factors required for marketing to occur : 1. two or more parties with unsatisfied needs 2. a desire and ability on their part to be satisfied 3. a way for the parties to communicate 4. something to exchange - Need : When a person feels deprived of basic necessities such as food, clothing, and shelter - Want : A need that is shaped by a person’s knowledge, culture, and personality. I guess it is kind of the how in terms of how you satisfy that need. - Example: If you feel hungry, you have developed a basic need and desire to eat something. Let’s say you then want to eat an apple or a candy bar because, based on your past experience and personality, you know these will satisfy your hunger need. - The four Ps: Marketing mix : o Product: A good, service, or idea to satisfy the consumer’s need o Price: What is exchanged for the product o Promotion: A means of communication between the seller and buyer o Place: A means of getting the product to the consumer - Environmental forces : The uncontrollable factors involving social, economic, technological, competitive, and regulatory forces. - Relationship Marketing : the hallmark of developing and maintaining effective customer relationships; it links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits - Production Era : Notion was that products would sell themselves as goods were scarce - Sales Era : Competition grew, so the solution was to hire more salespeople to find new buyers - Marketing Concept Era : Idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization’s goals. Emphasis that marketing ideas are fed into the production cycle before an item is designed rather than after it is produced. - Customer Relationship Era : An organization that has a market orientation focuses its efforts on creating satisfaction among customers. - Customer Relationship Management ( CRM ): process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace.
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- Societal marketing concept – the view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being. - Ultimate consumers : People who use goods and services purchased for a household - Organizational buyers : Manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or resale. Chapter 5
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MGT103 notes - Marketing Chapter 1 Definition of Marketing:...

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