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


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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.
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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.
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