Marketing Management - 1ST CLASS - FULL SET of highly detailed and comprehensive notes with examples
2 views 0 purchase
Course
Marketing Management
Institution
Aston University, Birmingham (Aston)
A highly detailed and comprehensive FULL SET of notes for the area of Marketing Management. 1st class marks on all topics and overall 1st class grade on Marketing at 85%.
This set contains detailed information with relevant examples for the topics of:
- Marketing Principles within Society
-...
A) “The management process of anticipating, identifying and satisfying customer
requirements profitably” – CIM 2001 (Chartered institute of marketing)
B) “Marketing is 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” – AMA 2007 (American marketing association)
C) “Marketing is the endeavour of adapting organisations to their competitive markets
in order to influence, in their favour the behaviour of their publics with an offer
whose perceived value is durably superior to that of the competition” – Lendrevie,
Levy and Lindon 2006
Bonus definitions: “Marketing is the social process by which individual and organisations
obtain what they need and want through creating and exchanging value with others” –
Kotter and Armstrong (2010)
“The enigma of marketing is that it is one of man’s oldest activities and yet it is regarded as
the most recent of business disciplines” – Baker 1976
Difference between ‘customer’ and ‘consumer’
The difference between a ‘customer’ and ‘consumer’ is that CUSTOMER is someone who
buys, purchases or obtains a product/service from a shop, website, business or from other
customers.
A CONSUMER is someone who uses or consumes the product or service.
Cores of Marketing
NEEDS – State of felt deprivation for basic items such as food, clothing, shelter and other
complex items. (Necessities) e.g “I am hungry”
Needs are usually based on basic human necessities (could use Maslow’s hierarchy of
needs). Marketers must therefore understand what those are in different situations.
WANTS – Form that a human need takes as shaped by culture and individual personality. I.E.
needs become wants when they are directed at specific objects, that may satisfy the need.
E.g “I want a pizza”
Wants are what are desired. Marketers must understand that wants can and will change,
therefore they must be able to adapt and respond quickly.
DEMANDS – Human wants backed by buying power e.g I have money to buy this meal.
, Demands are important for marketers as they are able to quantify it. Demands are wants
backed up by buying power.
A marketer must decide which segment it wants to operate in E.G Mercedes Benz cars for
customers who perhaps have higher salaries.
Customer orientation – this has the focus of creating superior value and is done by
continuously developing and redeveloping offerings in order to meet customer needs. In
order to do so, customer satisfaction must be measured on a continuous basis. It also allows
customers to voice their views and allow them to partake in the decision or design
processes.
Competitor orientation – this requires the business to develop an understanding of its
competitors’ short-term strengths and weaknesses as well as their long-term capabilities.
This is vital, as by failing to match or surpass competitor standards may lead to loss of sales.
Interfunctional coordination – idea of coordinating different areas of the business to focus
and work towards the same shared goal in order to achieve long term profit and objectives.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller royalexisdoria. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $26.74. You're not tied to anything after your purchase.
