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lOMoARcPSD|39826478Marketing Summaries - Chapters 1-13
Marketing 1A (University of Johannesburg)
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Marketing Management 1A
CHAPTER 1: INTRODUCTION TO MARKETING
What is marketing?
Marketing is all about forecasting the needs and wants of customers, and satisfying those needs
more successfully than competitors. It is made up of 3 activities:
Basic activities – understanding the consumer and their
needs.
Secondary/supporting activities – storing and
distributing the product (warehouses and logistics).
Exchange activities – purchasing and selling of raw
materials/products.
Marketing Philosophies
There are 5 marketing philosophies (orientations):
i. Production orientation – internal manufacturing capabilities.
ii. Sales orientation – aggressive sales techniques.
iii. Market orientation – altering products/services for consumer wants and needs.
iv. Societal marketing orientation – company acting in best interest of the consumer or society
as a whole.
v. Relationship marketing orientation – takes consumer loyalty into consideration.
Needs, wants, benefits, and desires
Companies want customers to be satisfied and loyal as this leads to increased profits. Key terms are
discussed below.
Needs: It is the difference between the customers’ current and desired state. Something a customer
needs to survive.
Maslow’s hierarchy of needs:
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1. Physiological needs: most basic requirements to existence – food, water, shelter.
2. Safety: need to feel safe and secure – security, protection
3. Sense of belonging and love: relationships, love, friends.
4. Esteem needs: self-esteem, feeling of accomplishments, recognition and status.
5. Self-actualisation: achievements, reaching full potential, self-development and self-
realisation.
Wants: Desire for a product or service, not needed for survival.
Benefits: What consumer really buys the product or service for. (what the product does for the
consumer).
Demands: supported by buying power/ income.
Desire: consumer wants a product but can’t afford it.
Marketing within the organisation:
Marketing plays the following roles:
Determining consumer wants and needs and whether it is satisfied.
Shaping the image of the company in the consumers mind.
Promoting, managing campaigns, and developing content.
Managing relations.
Analysing the performance of the company’s marketing efforts.
Marketing mix:
The marketing mix refers to various tools and choices that an organization can use or make
to encourage customers to purchase its products or services.
Initially, the marketing mix consisted of the 4 P’s (product, place, price, promotion), but it did
not consider the human aspect of marketing.
- Product: actual offering made by the organisation.
- Price: amount customer pays to receive the offering.
- Promotion: (elements in the promotion mix) used to inform and educate consumers
about the product and service and the positioning of the product or service in the mind
of the consumers.
- Place: where the product of service is available for customers to purchase.
- People: intangible elements involved in delivering a service.
- Process: service follows a process form start to finish.
- Physical evidence: (service scope) physical environment where the service is offered.
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Management tasks in marketing:
- Identify strengths, weaknesses, opportunities and threats.
- Analyse competition in terms of product offerings and strategies.
- Compile marketing data.
- Understand your target customer’s behaviour.
- Make decisions on the pricing strategy.
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