Summary
Summary TEST 1 MARKETING NOTES
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Summary of marketing notes for BUS2010F
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WEEK 3What is marketing?
“A social and managerial process by which individuals and businesses obtain what they need
and want through creating and exchanging value with others” – Kotler & Armstrong
Marketing myth busters:
Marketing is not sales
Marketing is not advertising
Marketing is not design
Marketing is not the art of selling products/services
Marketing is not spam
Selling is however the tip of the marketing iceberg!
10 types of categories that can be marketed:
- Goods
- Services
- Events
- Experiences
- People
- Places
- Properties
- Organizations
- Information
- Ideas
What are these categorized as?
1. CONSUMER NEEDS
- Human needs
- Include basic physical, social and individual needs
- Maslow’s hierarchy of needs
2. WANTS
- Are the form human needs take as shaped by culture and individual personality
- What is the difference between a need and a want
, MARKET OFFERINGS
- Consumers needs and wants are fulfilled through a market
- Combination of:
o Products
o Services
o Experiences
CUSTOMER VALUE AND SATISFACTION
Consumers usually face abroad array of products and services that may satisfy a given need
• How do they choose among these offerings?
Satisfied customers choose to re-buy or tell others about their experience
• Ultimately could end with them becoming loyal customers for the long-term.
EXCHANGES AND RELATIONSHIPS
- Exchange – the act of obtaining a desired object from someone by offering something in
return
- Marketing consists of actions taken to build and maintain desirable exchange
relationships with target audiences involving a product, service, idea or other object.
LESSON 2: Creating and capturing customer value
1. Understand the marketplace
- Marketers refer to the term ‘target market’ to describe customer groups
- There are 4 types of customer markets
Customer
needs, wants
and
demands
Market
Markets offerings
The
Marketplace
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