MKTG396 - Notes.rtf - MKTG396 Notes Lesson 1 1 Marketing versus selling Many people think that marketing is all about advertising and selling products

MKTG396 - Notes.rtf - MKTG396 Notes Lesson 1 1 Marketing...

This preview shows page 1 - 2 out of 7 pages.

MKTG396 – NotesLesson 11.Marketing versus selling:Many people think that marketing is all about advertising and selling products and services. As you work through this lesson, it should become clear that marketing is about delivering value to customers as well as managing customer relationships in ways that create value for an organization and its stakeholders (textbook, p. 5). Selling and promotion are just subcomponents of the overall marketing process, which is outlined in Figure 1.1 on page 6 of the textbook.Firms that focus on selling and those that follow the marketing concept build on different philosophies to design their market strategies. A good description of the two philosophies is provided in Figure 1.3 on page 11 of the textbook. Note that while the ultimate goal in the two cases is profit, the way in which profit is achieved is different. With the selling concept, profit is achieved through sales volume, while with the marketing concept, it is achieved through satisfying customer needs.2.Societal marketing concept:This principle holds that an organization should make good marketing decisions by considering "consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests” (textbook, p. 12). To really understand this concept, you have to consider the following two dichotomies: short-run versus long-run consequences of marketing actions and the welfare of individual consumers and organizations versus the welfare of society as a whole.The first dichotomy suggests that marketing managers in organizations should be aware that their actions may satisfy consumers’ wants and create profits in the short run but may have dreadful consequences in the long run.The second dichotomy indicates that what may be good for individual consumers and organizations may not be so for the whole society.Therefore, according to the societal marketing concept perspective, marketers should see that their role goes beyond building profitable relationships with individual consumers in the short run to making sure that the welfare of both the consumer and society is preserved in the long run. Marketers should consider themselves as change agents who, by encouraging responsible consumption, educate people to adopt behaviour that contributes to their own well-being, as well as the well-being of society.Lesson 21.Strategic planning:Strategic planning is defined in the textbook as “the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities" (p. 42). Itinvolves defining a clear company mission, setting supporting objectives, designing a sound business portfolio, and coordinating functional strategies. In other words, strategic planning is the key top management activity thatestablishes the framework for functional planning activities and sets the stage for the direction of all the organization’s efforts. At the end of the planning process, a strategic plan is generally produced for a given period
Background image
Image of page 2

You've reached the end of your free preview.

Want to read all 7 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes