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Summary - OBS 114 (OBS114)
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OBS 11414 May 2023 08:13
CHAPTER 8A MARKETING MANAGEMENT
• Marketing-the activity, set of institutions and process for creating, capturing, communicating, delivering and exchanging offerings that have value for customers, clients, partners and
society at large.
-or the process by which individuals and organisations obtain what they need and want through creating and exchanging value with others.
-or actions taken to attract customers to the company's products and services (including product/service development, distribution methods, sakes and advertising
• Market planning-a systematic written plan of all marketing for business, including information on the product, price, distribution and promotion strategy as well as a clear identification of
the target market and competition.
Core Aspects of Marketing
1. Satisfying customer wants and needs
• The marketplace needs to understand the customers' needs and wants in order to have a successful market.
-is referred to the world trade and can be segmented or divided into groups of people who are pertinent to an organisation for particular reasons.
2. Exchange
• Exchange-the trade of things of value between the buyer and seller so that each is better off as a result.
-marketing is about exchanging where the seller provides services/ products, then communicates and facilitates the delivery of the service/product they offered to their customers and the
buyers complete the exchange by giving the money and information to the seller.
3. Decisions requirements: 4Ps
• Marketing mix/4Ps-product, price, place and promotion-the controllable set of activities that a firm uses to respond to the wants of the target markets.
OBS 114 CHAPTER 8 Page 1
, • Marketing mix/4Ps-product, price, place and promotion-the controllable set of activities that a firm uses to respond to the wants of the target markets.
• Product-anything that can be offered to market for attention, acquisition, use or consumption and that may satisfy a want/need.
-goods are classified as tangible products (chocolate) and services are classified as intangible products (insurance companies).
-ideas are intellectual concepts that include thoughts, opinions and philosophies that can also be marketed (bicycle safety for school kids and slogans).
-people (singers and car or fashion designers and celebrities).
-places (tourist sites).
• Price-everything has a price and it doesn’t have to be monetary, however price is what the buyer will give up everything (money, time and energy) to exchange the product for another.
-price can be determined on the basis of the potential buyer's belief about its value and the buyers are satisfied and the sellers can achieve a reasonable profit.
• Place/distribution-the availability of the product/service to the customers whenever they want it.
-the accessibility of the relative ease with which the customer can conduct a transaction with the supplier.
• Promotion-communication by a market that informs, persuades and reminds potential buyers about a product or service, to influence their opinions and elicit a response.
-enhances the product/service's value.
• Advertising-paid, controlled, and non-personal messages, which provide information about a product, service, or company, directed at the target audience through mass media with the
intention of influencing the target audience’s attitude towards the advertisement and causing it to react favourably.
• Personal selling-a situation in which two people communicate in an attempt to influence each other in a purchase situation.
• Sales promotion-a short-term tool used to stimulate immediate increases in demand.
• Public relations-the marketing communication function that evaluates public attitudes, identifies areas within the firm that the public may be interested in and executes a programme of
action to earn public understanding and acceptance.
• Direct marketing-direct communications with carefully targeted individual customers to obtain an immediate response and cultivate lasting customer relationships.
-use more than one medium to interact with target audiences and allow them to respond (phone, mail, email or personal visit).
4. Individuals and organisations
• Business-to-consumer marketing (B2C)-the process in which the business sells to the consumers.
• Business-to business marketing (B2B)-the process of buying and selling goods/services to be used in the production of other goods and services, for consumption by buying the organisation
or for resale by wholesalers and retailers.
• Consumer-to-consumer (C2C)-the process consumers sell to other consumers.
• Consumer-to-business (C2B)-the process consumers sell to businesses.
5. Stakeholders
• Marketing can affect stakeholders (supply chain partners, society at large). All the entities that are affected by marketing can sell their merchandises and those entities can also convince
OBS 114 CHAPTER 8 Page 2
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