Marketing CH1 Summary

Learning Unit One: An Overview of
Marketing (Chapter 1)
Contents of Learning Unit One
1. The Nature of Marketing, What is marketing ................................................................................. 2
2. Exchange and Marketing................................................................................................................. 2
2.1 Five conditions for exchange to take place. ............................................................................ 2
2.2 Marketing gaps ....................................................................................................................... 3
2.3 Three main kinds of intermediaries ........................................................................................ 4
2.4 Marketing activities................................................................................................................. 4
3. Marketing Orientations................................................................................................................... 5
4. The Marketing Process.................................................................................................................... 6
5. The Marketing Function .................................................................................................................. 6
5.1 Where does marketing function fit into the organisation? .......................................................... 6
5.2 The management tasks in marketing............................................................................................ 7
6. Strategic Marketing Management .................................................................................................. 8
6.1 The meaning of strategic marketing management....................................................................... 8
6.2 The differences between strategic marketing and marketing management ............................... 8
7. Definition of Marketing................................................................................................................... 9




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, 1. The Nature of Marketing, What is marketing

Describe the nature of marketing

Marketing can be viewed from two viewpoints: firstly, as a philosophy, an attitude, a perspective or
a management-orientation that stresses customer satisfaction or, secondly, as a set of activities used
to implement this philosophy.

Marketing can be defined as a process whereby an organisation, in its drive to meet its
organisational goals, focuses on meeting consumer needs and wants, by offering the right product,
at the right price, at the right place, and by using the right marketing communication channels.



2. Exchange and Marketing

2.1 Five conditions for exchange to take place.

• Condition One: there must be at least two parties involved in exchanging products or
services.



• Condition Two: every party has to offer something of value to another party.




• Condition three: all parties must be able to communicate with other parties and be able to
deliver goods and services to other trading parties that want them.




• Condition four: all parties must be free to accept or reject the offers of other parties.
Things that I don’t
understand and need to ask
my lecturer to explain:
• Condition five: all parties must want to deal with the other parties.




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