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Summary Strategic Marketing 354

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STRATEGIC MARKETING 354 Summaries of CHAPTERS 1, 2, 3, 4, 6, 8, 9, 10, 11, 12, 13, 15, 16, 19, 20, 21, 22, 23

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  • August 10, 2018
  • 157
  • 2018/2019
  • Summary

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STRATEGIC MARKETING 354




CHAPTERS 1, 2, 3, 4, 6, 8, 9, 10, 11, 12, 13, 15, 16, 19, 20, 21, 22, 23




1

,CHAPTER 1: DEFINING MARKETING FOR THE
NEW REALITIES
Good marketing is not an accident
 it is both an art & a science
 it results from careful planning & execution using tools & techniques


THE VALUE OF MARKETING
 Financial success often depends on the marketing ability – other business functions do not matter
without sufficient demand for products & services so the firm can make a profit


MARKETING DECISION MAKING
 Marketing builds strong brands & a loyal customer base – intangible assets that contribute heavily to
the value of a firm
 Marketers must choose features, prices & markets and decide how much to spend on advertising, sales
& online and mobile marketing – in an internet-fuelled environment where consumers, competition,
technology & economic forces change rapidly & consequences quickly multiply


THE SCOPE OF MARKETING


WHAT IS MARKETING?
American Marketing Association’s formal definition:
Marketing is 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.


 Marketing Management is the art & science of choosing a target market & getting, keeping & growing
customers through creating, delivering & communicating superior customer value
 Identifying & meeting human and social needs  “meeting needs profitably”
 Anticipating & satisfying consumer needs
 Means of mutually beneficial exchange process
 More profitably & effectively than competitors
 NB!: customer satisfaction – “the aim of marketing is to know & understand the customer so well that
the product/service fits him & sells itself”

2

, WHAT IS MARKETED?
1. Goods (physical goods, i.e. foods, cars, televisions, machines etc.)
2. Services (i.e. airlines, hotels, accountants, maintenance & repair people)
3. Events (time-based events, i.e. artistic performances, company anniversaries etc.)
4. Experiences (create, stage & market experiences, i.e. Disney Land)
5. Persons (i.e. artists, musicians, athletes, entertainers, high-profile lawyers etc.)
6. Places (i.e. economic development specialists & real estate agents marketing cities)
7. Properties (exchange of intangible rights ownership which require marketing)
8. Organisations (museums, performing arts organizations, non-profits etc.)
9. Information (what books, schools & universities produce, market & distribute at a price)
10. Ideas (market offerings include a basic idea, i.e. social marketers)


WHO MARKETS?

Marketers & Prospects
 A marketer is someone who seeks a response (attention, purchase, vote, donation) from another
party, called prospect.
 Marketers are skilled at stimulation demand for their products – seek to influence the level, timing &
composition of demand to meet the organisations objectives.

8 demands states are possible:
1. Negative demand – consumers dislike the product & may even pay to avoid it
2. Non-existent demand- consumers may be unaware of or uninterested in the product
3. Latent demand – consumers may share a strong need that cannot be satisfied by an existing product
4. Declining demand – consumers begin to buy the product less frequently or not at all
5. Irregular demand – consumer purchases vary on a seasonal, monthly, weekly, daily, hourly basis
6. Full demand – consumers are adequately buying all products put into the marketplace
7. Overfull demand – more consumers would like to buy the product than can be satisfied
8. Unwholesome demand – consumers may be attracted to products that have undesirable social
consequences

Markets

 A collection of buyers and sellers who transact over a particular product or product class.

Five basic markets
1. Manufacturer markets – go to resource markets & buy resources to turn into goods & services
2. Resource markets – raw material, labour & money markets

3

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