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Summary COM3701 Exam Prep Pack 2022
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End-to-end notes in preparation for semester 2 exam 2022. Covers chap 5,6 and 10 of the PB.
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COM3701 Exam PrepStudy Unit 1 (Chap 5 of PB)
20/10/2022
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’
When and where did marketing first begin- earliest activity occurred in
18th and early 19th century with ancient selling function when goods were sold
by street vendors who shouted of benefits of their products in public.
First stage Selling (ancient times) (18th and early 19th centuries)
Second
Selling, advertising (late 19th century)
stage
Third
Selling, advertising, marketing research (20th century)
stage
Fourth Marketing department develops a balanced marketing programme which co-
stage ordinates all the marketing mix instruments (20th century) THE FOUR P’S
Fifth stage Market-oriented companies (20th century)
Sixth
Cause-related, social and relationship marketing (20th and 21st centuries)
stage
Seventh
Online marketing (21st century)
stage
Eighth
Social media marketing (21st century)
stage
Pg149 of PB
Marketing perspectives
Product-orientated (industrial revolution-1920s)- customers favoured
products that were available and that products sold themselves. Management
focused on the production of a few specific products which were mass produced
by machines in factories, and on improving production efficiency.
Sales-orientated (1930s-1960s)- consumers would buy enough of the
organisation’s products only if a special promotion and selling effort were made.
Maximising sales volumes was the key to profitability. Sales volumes, short-term
profitability, selling skills, sales promotion, sales techniques and sales tricks.
Marketing-orientated (1950s-date)- based on the understanding that the
organisation must research the needs of its customers and respond to them
accordingly. More focus on marketing than selling. Emphasises the sales
message; the price; product quality; packaging; methods of distribution.
The marketing concept- Straightforward and logical idea, which puts the
customer at the focal point of overall organisational activities.
Marketing concept Explanation
,principle
Maximisation of profitability is the primary objective of any profit-
Profit orientation seeking organisation but this can only be achieved if consumer
needs are met
All marketing activities of the organisation should take into
Customer orientation
account consumer needs, demands and preferences
Integration of All departments in the organisation must work together to
organisational accomplish marketing objectives. This is best achieved within an
activities IMC approach (see Chapter 6)
When marketing policies are set, marketers also need to consider
Societal marketing organisational profits, consumer needs and the interests of
society
Cause-related marketing (CRM)- further developed by marketing concept.
Societal approach that proposes that organisations should be considered
accountable to society in general.
Six principles of successful cause-related marketing ;
The organisation must adhere to the highest ethical standards in all its
Integrity
CRM activities and relationships
The organisation must ensure that communications between the partners
Transparency
and with consumers are legal, decent, honest, truthful and clear
The organisation must provide strength and depth to the relationship with
Sincerity
a non-profit organisation or cause
Mutual The organisation must appreciate the intrinsic value that the non-profit
respect organisation brings to the CRM partnership
Partnership The organisation must ensure that both sides share the risk and rewards
Mutual
The organisation must ensure that all parties’ objectives are being met
benefit
Social marketing- Illustrated by the marketing concept’s management
philosophy that customers’ unmet needs should be fulfilled. Used when an
organisation requires behaviour change which cannot be achieved by
information dissemination alone. Addresses behaviours which are influenced by
intrinsic values, therefore a deep understanding of cultural values is vital for
successful research and effectively segmenting target audiences
Relationship marketing (1990s)- Encourages customer-centric marketing
and largely aims to retain customers and encourage their loyalty (this is also
referred to in the literature as retention marketing.
Traditional marketing mix (1950s)- Product, price, place promotion;
Product- Bundle of attributes and features, both tangible and intangible
(that is, touchable and untouchable) which an organisation offers.
Price- Total value assigned to the product by the seller and the buyer.
Place (distribution channel)- Marketing mechanism used to present,
deliver, and service the product for customers. Includes all the institutions,
processes and relationships that facilitate the product’s journey from the
manufacturer to the buyer.
Promotion (marketing communication)- Used to inform and persuade
the target audience to buy or use an organisation’s product(s). Develop
, effective communications by focusing on what to say, how to say it, to
whom to say it, as well as through which media , and how frequently.
Consists of; personal selling, sales promotion, publicity/PR, MPR,
advertising, direct marketing, sponsorship and the internet/online
marketing.
Marketing management- Continuous process that involves planning,
organising, leading and controlling marketing activities. These activities include
identifying opportunities and threats in the marketing environment; compiling
marketing data; selecting a specific target market; selecting the strategy of the
marketing mix (see Section 5.4); compiling a detailed marketing plan; dealing
with marketing personnel; and controlling the marketing process. Generally
accomplishes the following five purposes:
It explains the current and future situation of the organisation.
It states the anticipated outcomes so that the organisation knows what to
expect.
It specifies all actions that will be taken and who will be responsible for
each one.
It identifies the resources needed to accomplish all planned strategies and
actions.
It allows for each action to be monitored and carefully evaluated so that
necessary controls can be implemented.
Marketing plan- consists of 5 steps;
1. Situation analysis- Marketing manager describes in factual and objective
terms where the organisation stands in relation to the total marketing mix.
Marketing manager also considers the organisation’s target market, for
instance its customer profile, the geographic aspects of product usage and
customer awareness. It is also important to perform an analysis of the
competition and consider its strengths and weaknesses during this step.
A market analysis should be confirmed by means of proper market
research. Both the internal and external environments should be
analysed using a SWOT analysis (to determine
Current the organisation’s strengths, weaknesses, opportunities and threats)
position/product
Is the current product or service adding value to the customer?
What is the sales history of the product?
Who are the customers? (It is best to draw up a customer profile).
Target market Where are the customers residing?
What is their demographic profile?
What similar products and/or services are being offered by the
Competition competition?
Who are the competitors?
2. Marketing opportunities- Marketing manager considers marketing
opportunities such as current markets; buyers; growth markets; product
service development and innovation; and targets that provide an opportunity
for the organisation’s products and/or services.
Present markets Where is the product currently being sold?
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