Summary Marketing Fundamentals
Chapter 1
Marketing; enhance an organisation’s ability to satisfy the needs and wants of its customers
effectively, and thereby strengthening its position within the market.
Marketing activities include:
Selling and advertising
Market research Identify the desires of (potential) customers
Product development Process of developing and launching attractive products based on
market.
The difference between marketing and selling is the difference between a society in which
consumers can choose from products and services designed to meet their specific needs and wants,
and a society in which people have very little if any choice.
Marketing mix:
Product, Price, Place (Distribution) and Promotion.
Exchange transaction: Items of worth
Usually money for a products, but can be for a service, an idea or labour.
Macromarketing:
A process that must function effectively for a society as a whole to realise its economic objectives.
Mesomarketing:
All activities developed by several collaborating organisations within a supply chain or sector to
match supply and demand and meet certain need, in order to realise their shared marketing
objectives.
Micromarketing:
Individual firm, marketing management: analysis, planning, implementation and constant evaluation
of all activities designed to ensure that the products and services produced and provided by an
organisation are tailored to meet the needs and wants of potential customers as effectively as
possible.
Production concept: improving mechanism = lower costs = more demand = more profit
Product concept: improving quality = more demand = more profit
Market-orientation: first look at customer needs
Difference between Relationship marketing and Transactional Marketing is:
Relationship marketing focusses on keeping the customers, long term orientation and high service.
Transactional marketing focusses on making a single sale, limited commitment to customers/service.
The Marketing Concept is based on 6 principles:
1. Customer satisfaction
2. Integrated approach (starts with needs/wants of customer, a unified system)
3. Broad business definition (focus on product: marketing myopia: product falls out of favour)
4. Competitive analysis
5. Marketing research and target market selection
6. Profit contribution
Chapter 1
Marketing; enhance an organisation’s ability to satisfy the needs and wants of its customers
effectively, and thereby strengthening its position within the market.
Marketing activities include:
Selling and advertising
Market research Identify the desires of (potential) customers
Product development Process of developing and launching attractive products based on
market.
The difference between marketing and selling is the difference between a society in which
consumers can choose from products and services designed to meet their specific needs and wants,
and a society in which people have very little if any choice.
Marketing mix:
Product, Price, Place (Distribution) and Promotion.
Exchange transaction: Items of worth
Usually money for a products, but can be for a service, an idea or labour.
Macromarketing:
A process that must function effectively for a society as a whole to realise its economic objectives.
Mesomarketing:
All activities developed by several collaborating organisations within a supply chain or sector to
match supply and demand and meet certain need, in order to realise their shared marketing
objectives.
Micromarketing:
Individual firm, marketing management: analysis, planning, implementation and constant evaluation
of all activities designed to ensure that the products and services produced and provided by an
organisation are tailored to meet the needs and wants of potential customers as effectively as
possible.
Production concept: improving mechanism = lower costs = more demand = more profit
Product concept: improving quality = more demand = more profit
Market-orientation: first look at customer needs
Difference between Relationship marketing and Transactional Marketing is:
Relationship marketing focusses on keeping the customers, long term orientation and high service.
Transactional marketing focusses on making a single sale, limited commitment to customers/service.
The Marketing Concept is based on 6 principles:
1. Customer satisfaction
2. Integrated approach (starts with needs/wants of customer, a unified system)
3. Broad business definition (focus on product: marketing myopia: product falls out of favour)
4. Competitive analysis
5. Marketing research and target market selection
6. Profit contribution
