Summary
Summary Marketing Fundamentals (Ch. 1/6 - English)
- Course
- Institution
- Book
A very extensive summary of Marketing Fundamentals in English (Chapters 1 to 6).
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Samenvatting Hoofdstuk 4 Marketing Fundamentals, ISBN: 9789001818661 Marketing
-
Samenvatting Hoofdstuk 6 Marketing Fundamentals, ISBN: 9789001818661 Marketing
-
Samenvatting Hoofdstuk 1 Marketing Fundamentals, ISBN: 9789001818661 Marketing
Seller
FollowClaudiaS95
Content preview
Marketing 1 summaryPart 1 - What is marketing:
1.1.1 differences between selling and marketing:
The difference between marketing and selling:
The marketing concept concentrates on the buyer’s needs, and so, the customer is regarded as the
king of the market. On the other hand, selling concept stresses on the needs of the seller and so, it’s
the seller who rules the market.
Selling is trying to get rid of what you have in the shelves and while marketing is making sure that
what you have on the shelves is what the customer wants.
The main purpose of marketing-oriented companies is to anticipate and satisfy the needs and wants
of the customer.
1.1.2 Definition of marketing:
Marketing is the process of developing, pricing, promoting and distributing products, marketing is a
kind of “superior selling” that’s starts at the end of the production line.
1.1.3 The marketing mix:
An effective marketing strategy consist of a clever combination of four marketing instruments that
are used to tackle the market.
- Product: goods, services or ideas that meet the wants and needs of the customer.
- Price: the amount of money exchanged for a product or service.
- Place (distribution): how the company gets its product into the buyers hands.’
- Promotion: the supplier’s activities to communicate with the market and to promote sales.
1.1.4 Target market selection and the progress of exchange:
Exchange: in which two parties agree to exchange something of value so that both parties are okay
with it. So you are selling a product and de customer is paying for it. Also for money, goods or
services.
1.2 Levels of marketing systems:
Marketing can be conducted and studied on different levels. If we are considering those who make
the marketing decisions in a company, we are referring to micromarketing.
NL: micromarketing is een aanpak waarbij de organisatie zicht richt op kleine groepen (potentiële)
afnemers.
1.2.1/2/3 macro, meso and micro marketing
NL Micromarketing: meestal als we over marketing praten gaat het over één bedrijf, dit heet
micromarketing, micro betekend klein.
NL Mesomarketing: een Mesomarketing gaat net een stapje verder en kijkt breder op het gebied.
Dan gaan ze kijken naar regionale ondernemingen met hetzelfde concept, meso betekent klein en
het gaat dan om branches of bedrijfstakken.
NL Macromarketing: macro betekent groot. Hier gaat het om de marketing of de marktgerichtheid
van een heel gebied of land.
, Marketing 1 summary
Macromarketing kan ook nog een tweede betekenis hebben namelijk: Het bestuderen hoe marketing
en de maatschappij op elkaar inwerken.
Marketing management is the analyses, planning, implementation and constant evaluation of all the
activities designed to ensure that the products and services produced and provided by an
organisation are tailored to meet the needs and wants of optional customers as effectively as
possible.
The process of strategy development and business decision-making, should be based on the
marketing concept. A marketing manager tries always to see his company from the viewpoint of his
customers. He begins:
- By conducting market research to identify the needs, wants and ideas of potential buyers
- Develops products and services that meet the desires of the target group.
- Offer these products and services to the target group for the right price, and through the
best sales channels.
- He stays in touch with his costumers to make sure that they are satisfied.
1.3 Development of the marketing mindset
The evolution of marketing: Production orientation product orientation selling orientation
marketing orientation relationship orientation
1.3.1 Production- and product oriented companies
A production-oriented company does everything to make the production process highly efficient
possible.
1.3.2 Selling-orientated companies
The selling concept is the technical knowledge and experience determined what was produced, while
the sales staff tried to stimulate sales simply by making a huge sales effort.
NL Selling concept: Ondernemingsdenken waarbij men ervan uitgaat dat een consument alleen koopt
als hij een bepaalde behoefte heeft, en dat deze behoefte kan worden gestimuleerd. Producten
worden niet gekocht maar verkocht, als de onderneming maar een goed verkoopapparaat heeft en
sterke druk uitoefent.
1.3.3 Marketing-oriented companies
Faced with greater consumer buying power and greater competition, companies finally learned that
they had to tailor their products and service to meet the needs and wants of the buyers more
effectively.
, Marketing 1 summary
Product orientation Market orientation: Selling orientation
Arrange the financing/ Identify customer needs Setting up the financing and
organisation organisation
Arrange the financing/organisation
Produce the product Making the product
Produce the product
Sell the product Selling the product
(more profit via increased sales) Market the product
(more profit via customer satisfaction)
Relationship marketing
A market-oriented entrepreneur starts by conducting marketing research to identify the needs of
the buyers this enables him to select a target market on which to concentrate = Only then does he
contemplate the organisation and financing, the development of products or services that meet the
needs and the marketing of those products and services.
The difference between selling and marketing is, that selling concentrates on only selling the product
with the highest possible profitability. Marketing concentrates also on the selling of the product but
more on the needs and wants of the customers and building a relationship with them.
The societal marketing concept:
Marketers should balance the interests of the consumer, the producer and society.
1.3.4 Relationship marketing
Relationship marketing involves a strategy completely different from the simply creating an exchange
process between the supplier and the buyer.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ClaudiaS95. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.80. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now