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Marketing and Communication Summary Notes
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WEEK 1 – Online Marketing and CommunicationChapter 1 – What is Marketing?
1.1 The meaning of marketing
→ Marketing is the process of developing, pricing, promoting and distributing porducts, 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.
→ Marketing builds a bridge between production and consumption
→ Selling is 'trying to get rid of what you have on the shelves' and Marketing is 'making sure that what
you have on the shelves is what the customer wants
→ Marketing requires a good product, right type of distribution, right price and right kind of promotion
--» marketing mix (mix of the four Ps)
- Product --» goods, services or ideas that meet the wants and needs of the customer and it also
includes the warranty, packaging, brand image, brand name, product range and customer
service
- Price --» the amount of money exchanged for a porduct or service
- Place ('Distribution') --» how the company gets its product into the buyers' hands.
- Promotion (marketing communication)--» the suppliers's activities to communicate with the
market and to promote sales --» includes advertising, sponsorship, sales promotion, direct
marketing, personal selling and public relations activities
OR
- Customer solution --» the solution for the customer
- Cost to the customer --» value for money
- Convenience --» ease for the customer
- Communication --» mutual communication
between the organisation and the customer
→ Target market --» desire of a specific group of
potential buyers
→ Exchange transactions --» items of worth, often they
are products that are exchanged for money
,1.2 Levels of marketing system
→ Bartering --» was an exchange in 'kind'
→ Macromarketing: we can see marketing at a broader level is is seen as a process that muct functoon
effectively for a society as a whole to realise its economic objectives. At macromarketing the role of
marketing is described only in general terms so we are primaly interested in the system that a society
has dveloped to arrange the exchange of goods and servoces to ensure that its scarce resources will
meet its needs as effectively as possible
→ Micromarketing: the focus here is the individual firm --» from the manager point of view --»
marketing management is the analysis, planning, implementation and constant evaluation of all
activities designed to ensure that the products and services produced and provided by an organisation
are tailored to meet the needs and wants of potential cistomers as effectively as possible
→ Mesomarketing: occurs at the level that lies between macro and micromarketing. It refers to the
collaborating organisations in the supply chain SO when individuals and organisations in the supply
chain organise marketing activities
1.3 Development of the marketing mindset
Production orientation Product orien. Selling orien. Marketing orien. Relationship marketing
1900 1950 2000
1. A production-oriented company does everything possible to make its production process highly
efficient --» by concentrating on mechanising and increasing production, entrepreneneuers were able
to greatly reduce the cost of their products
2. In most industries the production-and product-oriented phases of management philosophy lasted only
for a brief period after WWII SO no longer short supply--» result: battle to win the customer --»
Selling-oriented companies
3. Faced with greater consumer buying power and greater competition, companies finally learned tha
they had to tailor their products and services to meet the needs and wants of the buyers more
effectively --» Marketing-oriented companies --» its more about marketing the product rather then
selling it
4. One of the most important developments in companies’ altered orientation was the rise in
relationship marketing --» comapnies have been driven to take customer-orientation one step
further and actively cultivate good relationships with the customers, as they need to retain value
, Transactional marketing Relationship marketing
- Emphasis on getting new customers - Emphasis on keeping customers as well as getting
new ones
- Short-term orientation - Long-term orientation
- Interest in making a single sale - Interest in repeat purchases & ongoing relationship
- Limited commitment to customers - High level of customer involvement
- Success means making a sale - Success means customer loyaltly, WOM
communication and low customer turnover
- Quality is a production concern - Quality is every employee’s concern
- Limited customer service relationship marketing - High degree of service commitment
1.4 The marketing concept
→ The marketing concept is an attitude or mindset in which the needs and wants of customers are
factored into virtually every decision
1. Emphasis on profit contribution rather than sales: in evaluating business, it is not how many
sales a product generates that is important but how much profit those sales contribute to the
enterprise
2. Marekting research and target market selection: marekting research and data analysis form the
basis of marketing --» so by collecting, analysing and interpretingg the right data, a market
oriented company can find out, among other things, who the buyers are and which product features
are most important to them
3. Competitive analysis: successful managers constantly monitor the competition when identifying
the opportunities and threats in the market and when examining strengths and weaknesses of their
own companies
4. Broad business definition: many companies now choose to formulate a business definition as
well as mission in broas, customer-oriented terms
5. Integrated approach: the difference between product- and a amrketing oriented approach is the
extent to which the various activities are systematically integrated into the overall marketing policy
▪ In a production-oriented company most activities are performed in isolation
▪ In a market-oriented company the startegy is highly dependent on the wants and needs of
customers, identified through market research or data-analysis
6. Customer satisfaction: the customer is always right so marketing-oriented comapnies make sure
that they provide great cistomer service and that they handle customer complaints well
▪ Greater customer loyalty --» result: more repeat purchases
▪ Positive word-of-mouth communication --» result: more new customers
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