8/03/20191MARKETING MANAGMENT 7104SESSION 2 Chapter 2Marketing Planning and Strategy in a Competitive EnvironmentRecap Session 1•What is marketing? Satisfying the needs and wants of the consumerNEED: Something that you have to have i.e. food, clothing, shelter …. Basic necessitiesWANT: Something you would like to have. Shaped by a person’s knowledge, culture and personality. i.e. I need food. But my knowledge, culture and personality …. I want a hamburger.
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8/03/20192Recap Session 1•What is the marketing concept?Philosophy that guides an organisations overall activitiesCustomer satisfaction is the major focus … satisfy customers needs through coordinated set of activities … allows the organisation to achieve its goals.•What is a marketing oriented organisation?•Generating marketing intelligence (current and future customer needs, competition), value•Dissemination across organisation•Organisation responds (production, distribution,etc)Recap Session 1•Customers and target market•Customer Value‘Do the benefits I believe I am getting from this product outweigh the cost of acquiring this product?’ If yes, there is perceived VALUECosts (perceived by customer)Benefits(perceived by customer)Customer BenefitsCustomer CostsValue=–