STUDY NOTES
Week 1 – Study unit 1 – An overview of Marketing
1. Introduction: Most people think that marketing is about selling, advertising or promoting
something, as much as these are some of the activities required in marketing, the field itself
is quite broad. Successful companies don’t only focus on those factors but also focus on their
customers and ensuring the satisfaction of these customers. We have the marketing mix
which is the 4Ps and the extended marketing mix which is the 7Ps that assist companies in
developing marketing strategies and plans.
2. Outcomes:
Define the term marketing
Explain the nature of customer satisfaction
Explain the concept of exchange in marketing terms
Describe the 6 marketing management philosophies
Describe the marketing process
Describe the importance of competitive advantage
Briefly review the roles of marketing in the firm
3. Notes:
WHAT IS MARKETING?
Marketing is the study and management of exchange relationships. It is the business process of
identifying, anticipating and satisfying customers' needs and wants. According to the American
Marketing Association, marketing is the process of planning and executing the conception, pricing,
promoting and distribution of ideas, goods and services, to create exchanges that satisfy individual
and organisational objectives.
CUSTOMER SATISFACTION
Customer satisfaction is when the performance of the product or service exceeds the customers
expectations. It is the customers fulfilment resulting from comparing the performance of a product
versus their expectation of it.
Week 1 – Study unit 1 – An overview of Marketing
1. Introduction: Most people think that marketing is about selling, advertising or promoting
something, as much as these are some of the activities required in marketing, the field itself
is quite broad. Successful companies don’t only focus on those factors but also focus on their
customers and ensuring the satisfaction of these customers. We have the marketing mix
which is the 4Ps and the extended marketing mix which is the 7Ps that assist companies in
developing marketing strategies and plans.
2. Outcomes:
Define the term marketing
Explain the nature of customer satisfaction
Explain the concept of exchange in marketing terms
Describe the 6 marketing management philosophies
Describe the marketing process
Describe the importance of competitive advantage
Briefly review the roles of marketing in the firm
3. Notes:
WHAT IS MARKETING?
Marketing is the study and management of exchange relationships. It is the business process of
identifying, anticipating and satisfying customers' needs and wants. According to the American
Marketing Association, marketing is the process of planning and executing the conception, pricing,
promoting and distribution of ideas, goods and services, to create exchanges that satisfy individual
and organisational objectives.
CUSTOMER SATISFACTION
Customer satisfaction is when the performance of the product or service exceeds the customers
expectations. It is the customers fulfilment resulting from comparing the performance of a product
versus their expectation of it.
