MRKTNG NOTES (CHPTR 1-5).docx - PART 1 AN INTRO TO MRKTNG CHPTR 1 – AN OVERVIEW OF MRKTNG PG 2 1 Define the term marketing PG 3 Marketing Marketing is

MRKTNG NOTES (CHPTR 1-5).docx - PART 1 AN INTRO TO MRKTNG...

This preview shows page 1 - 3 out of 18 pages.

PART 1: AN INTRO TO MRKTNG CHPTR 1 – AN OVERVIEW OF MRKTNG, PG 2 1 Define the term marketing, PG 3 Marketing: Marketing is the activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large. 2 Explain the marketing exchange conditions and their influence on marketing, PG 3 Exchange: The idea that people give up something to receive something they would rather have. For exchange to take place, five conditions need to occur: 1 There must be at least two parties (that is, people or groups of people/organisations). 2 Each party must have something of value that the other party also wants. 3 Each party must be able to communicate with the other party and deliver the goods or services sought by the other party. 4 Each party must be free to accept or reject the other's offer. 5 Each party must want to deal with the other party. 3 Explain the five competing marketing orientations that impact on marketing strategy, PG 4 “The orientation that organisations adopt will influence how they react to the customer and their needs” 1 Production Orientation: (focusing on manufacturing efficiency) A philosophy that focuses on the internal capabilities of the firm, rather than on the desires and needs of the marketplace. 2 Sales Orientation: (focusing on selling existing products) The idea that people will buy more goods and services if aggressive sales techniques are used and that high sales result in profits. 3 Marketing Orientation: (focusing on customer needs and wants) A philosophy that assumes that a sale depends on a customer’s decision to purchase a product. “A marketing orientation involves obtaining information about customers, competitors and markets” “A market-orientated organisation recognises different customer groups with different features” Marketing Concept: The idea that the social and economic justification for an organisation’s existence is the satisfaction of customer wants and needs while meeting organisational objectives.
Image of page 1

Subscribe to view the full document.

The marketing concept includes the following: · Focusing on customer wants and needs so that the organisation can distinguish its product(s) from competitors' offerings. · All the organisation's activities, including production, to satisfy these wants. · Achieving long-term goals for the organisation by satisfying customer wants and needs legally and responsibly. 4 Relationship Marketing Orientation: (focusing on relationships with existing suppliers and consumers) The marketing orientation philosophy that focuses on the value of the repeat sale rather than on making a sale that meets the needs and wants of the marketplace. 5 Societal Marketing Orientation: (meeting the needs, wants and objectives of customers and organisations and meeting individuals’ and society’s long-term best interests) The idea that an organisation exists to satisfy customer needs and wants, and organisational objectives, but also to preserve or enhance an individual’s and society’s long-term best interests.
Image of page 2
Image of page 3

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask 0 bonus questions You can ask 0 questions (0 expire soon) You can ask 0 questions (will expire )
Answers in as fast as 15 minutes