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This is a summary of the book Marketing Fundamentals, chapter 1-6.
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By: josephinamoonen • 5 year ago
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Marketing Summary Chapter 1-6Chapter 1 What is marketing?
Selling
“Trying to get rid of what you have on the shelves”
Marketing
“Making sure you have the right products on the shelf”
Purpose of marketing is to get to know and understand the customer so well that he product is
precisely what the customer wants> product will sell itself.
Market research= to identify the desires of (potential) customers.
Product development= process of developing and launching attractive products based on an
accurate insight into the market.
Target market= potential buyers for whom the product is intended.
Marketing is the process of developing, pricing, promoting and distributing (= marketing mix)
products, services or ideas that are tailored to the market; it includes all other activities that create
value and systematically lead to increased sales or another desired response, establish a good
reputation and ongoing relationships with customers, so that all stakeholders achieve their
objectives.
4 P’s/ marketing mix: 3 R’s:
Product Relationship
Goods, series or ideas that meet the wants Reputation
and needs of the customer. Response
Price
Amount of money exchanged for a product/ service.
Place
Distribution. How the company gets its product into
the buyers’ hands.
Promotion
The supplier’s activities to communicate with the
market and to promote sales.
Exchange transaction= organization tries to bring about in exchange, in which the two parties agree
to exchange something of value so that both parties’ needs are met. Often products exchanged for
money. Can also be an idea, service of even status.
Origins of marketing date back to the era of bartering= goods were exchanged for other goods.
Short term: 1 year
Long term: 2 -5 year
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