WK2_Mkt Plan and Strategy_Mktg Mgmt 7104_Tri 1_ 2019_ACTUAL-1.pdf - SESSION 2 Chapter 2 Marketing Planning and Strategy in a Competitive Environment

WK2_Mkt Plan and Strategy_Mktg Mgmt 7104_Tri 1_ 2019_ACTUAL-1.pdf

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8/03/2019 1 MARKETING MANAGMENT 7104 SESSION 2 Chapter 2 Marketing Planning and Strategy in a Competitive Environment Recap Session 1 What is marketing? Satisfying the needs and wants of the consumer NEED : Something that you have to have i.e. food, clothing, shelter …. Basic necessities WANT : 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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8/03/2019 2 Recap Session 1 What is the marketing concept? Philosophy that guides an organisations overall activities Customer 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 VALUE Costs (perceived by customer) Benefits (perceived by customer) Customer Benefits Customer Costs Value =
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