Summary Marketing fundamentals
Chapter 1 what is marketing?
The meaning of marketing
Differences between selling and marketing
The main purpose of marketing-oriented companies is to
anticipate and satisfy the needs and wants of the customer.
Selling is trying to get rid of what you have on the shelves,
while marketing is making sure that what you have on the
shelves is what the customer wants. The objective of marketing
is to make selling – in the sense of putting pressure on others-
unnecessary.
A definition of marketing and the marketing mix
Marketing is the process of developing, pricing, promoting and distributing products, services or
ideas that are tailored to the market; it includes all other activities that create value and
systematically lead to increased sales or another desired response, establish a good reputation and
ongoing relationships with customers, so that all stakeholder achieve their objectives. In order to
create effective marketing a marketing mix is needed. This marketing mix consist of the product,
price, place and promotion.
Product: the physical product and other factors that determine which brand a person buys.
Price: the amount of money exchanged for a product or service. The company will also
consider the prices charged by its competitors.
Place: how the company gets its product into the buyer’s hands.
Promotion: the supplier’s activities to communicate with the market and to promote sales.
Target market selection and the process of exchange
The part of the market that the organization
concentrates on and wants to turn into customers
is called target market. With these groups the
organization tries to bring about an exchange. This
process of exchange is also a process that creates,
communicates and delivers value.
Levels of marketing systems
Macromarketing
Micromarketing is a process that must function effectively for a society as a whole to realise the
economic objectives.
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Chapter 1 what is marketing?
The meaning of marketing
Differences between selling and marketing
The main purpose of marketing-oriented companies is to
anticipate and satisfy the needs and wants of the customer.
Selling is trying to get rid of what you have on the shelves,
while marketing is making sure that what you have on the
shelves is what the customer wants. The objective of marketing
is to make selling – in the sense of putting pressure on others-
unnecessary.
A definition of marketing and the marketing mix
Marketing is the process of developing, pricing, promoting and distributing products, services or
ideas that are tailored to the market; it includes all other activities that create value and
systematically lead to increased sales or another desired response, establish a good reputation and
ongoing relationships with customers, so that all stakeholder achieve their objectives. In order to
create effective marketing a marketing mix is needed. This marketing mix consist of the product,
price, place and promotion.
Product: the physical product and other factors that determine which brand a person buys.
Price: the amount of money exchanged for a product or service. The company will also
consider the prices charged by its competitors.
Place: how the company gets its product into the buyer’s hands.
Promotion: the supplier’s activities to communicate with the market and to promote sales.
Target market selection and the process of exchange
The part of the market that the organization
concentrates on and wants to turn into customers
is called target market. With these groups the
organization tries to bring about an exchange. This
process of exchange is also a process that creates,
communicates and delivers value.
Levels of marketing systems
Macromarketing
Micromarketing is a process that must function effectively for a society as a whole to realise the
economic objectives.
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