OBS 114
Fundamentals of business management
Unit 11: Chapter 8C: Overview of Marketing
1. WHAT IS MARKETING?
Definitions Marketing
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
Marketing Plan
A systematic written plan of all phases of marketing for a
business
including information on the product, price, distribution,
and promotion strategy, as well as
a clear identification of the target market and competition
Helps create
value
Satisfying
Affects
customers
various
needs and
stakeholders
want
Marketing
Can be
performed by
Entails an
individuals
exchange
and
organisations
Requires
product,
place,
promotion
decisions
Satisfying One needs to understand the marketplace and especially
consumer consumer needs and wants.
wants and The marketplace refers to the world of trade
needs You need to understand which demographic you are
targeting
Entails an Exchange
exchange The trade of things of value between the buyer and the
seller so that each is better off as a result
Goods and services are exchanged for money and information.
The information an organisation learns about you is then used
to personalise advertisements
Fundamentals of business management
Unit 11: Chapter 8C: Overview of Marketing
1. WHAT IS MARKETING?
Definitions Marketing
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
Marketing Plan
A systematic written plan of all phases of marketing for a
business
including information on the product, price, distribution,
and promotion strategy, as well as
a clear identification of the target market and competition
Helps create
value
Satisfying
Affects
customers
various
needs and
stakeholders
want
Marketing
Can be
performed by
Entails an
individuals
exchange
and
organisations
Requires
product,
place,
promotion
decisions
Satisfying One needs to understand the marketplace and especially
consumer consumer needs and wants.
wants and The marketplace refers to the world of trade
needs You need to understand which demographic you are
targeting
Entails an Exchange
exchange The trade of things of value between the buyer and the
seller so that each is better off as a result
Goods and services are exchanged for money and information.
The information an organisation learns about you is then used
to personalise advertisements
