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MNM2601 - THE MARKETING WORLD SUMMARY NOTES.
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  • Course
  • MNM2601 - Marketing Management
  • Institution
  • University Of South Africa (Unisa)

LEARNING OUTCOMES: After studying this unit, you should be able to:  Explain the nature of marketing  Explain the concept of exchange  Explain the gaps between consumption and production  Explain marketing activities  Define markets  Explain retailing in South Africa

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Document information

  • January 23, 2023
  • 6
  • 2022/2023
  • Summary

Subjects

  • mnm1601
  • mnm2601
  • mne2601
  • mng2601
  • mnm2604
  • mnm2605

Written for

  • University of South Africa (Unisa)
  • MNM2601 - Marketing Management
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The Marketing World

LEARNING OUTCOMES:
After studying this unit, you should be able to:
 Explain the nature of marketing
 Explain the concept of exchange
 Explain the gaps between consumption and production
 Explain marketing activities
 Define markets
 Explain retailing in South Africa

, General Overview
Marketing is part of everyone's life and touches us in some way every
day. To be successful, any company that deals with customers on a daily
basis must not only be customer-centric, but customer-obsessed. The
best way to achieve this goal is to develop a solid marketing function
within the organization.
Marketing is a key factor in business success. The marketing function not
only deals with the production and distribution of products and services,
but also deals with the functions of ethical and social responsibility
found in the national and global environment.
Marketers need to be aware of customer value and satisfaction and
make these concepts a central part of the company's strategic plan.
Marketing must also be aware of the changes and react to them.


The concept of exchange:
 Exchange is the process of getting something from someone by
giving them something in exchange.
 Marketing is the process of taking steps to create and uphold
mutually beneficial exchange relationships with target audiences.
The objective is to increase sales and keep current clients.


For any kind of exchange to take place, five conditions must prevail:
 A minimum of two parties are necessary;
 Each party must possess something that the other party
values;

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