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Summary Summaries Marketing Fundamentals OAT ILM-IEM Year 2
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Summaries for Marketing OAT NHTV Chapters 1-2-3-4-6--13
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Marketing Fundamentals ILM2 2016-2017Chapter 1: What is marketing
1.1 The meaning of marketing
Marketing includes everything that brings buyers and sellers together.
1.1.1 Differences between selling and marketing.
Companies produce a product and are involved in marketing. Difference between marketing and
selling is the difference between a society in which consumers can choose from products and
services designed to meet their specific needs and wants and a society in which people have very
little choice.
Main purpose of marketing is to anticipate and satisfy the needs and wants from the customers.
Role marketing plays in an organisation:
Influenced a lot on the success
Market research and marketing are indispensable in this industry
Marketing is central in our planning
Fundamentals, strategic choices a company has to make
Selling = trying to get rid of what you have on the shelves
Marketing = making sure that what you have on the shelves is what the customer wants.
An objective of marketing is to make selling unnecessary.
1.1.2 A definition of marketing
Marketing is the process of developing price, promotion, product and distribution(place); service or
ideas that are tailored to the market.
1.1.3 The marketing mix: 4P's
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 suppliers activities to communicate with the market and to promote sales.
1.1.4 Target market selection and the process of exchange
Target group = group of people with certain desires and needs.
Exchange transaction = both parties agree to exchange something to meet both needs
1.2 Levels of marketing system
Bartering = goods are exchanged for other goods.
1.2.1 Macromarketing
Seen as a process that must function effectively for a society as a whole to realise its economic
objectives.
, 1.2.2 Mesomarketing
Supply chain: the series of persons and organisations' involved in the production, distribution and
consumption of products and services.
If someone in the supply chain organises marketing activities they do at meso marketing level.
Definition of meso marketing:
Marketing activities that parties in the supply chain carry out jointly fall within the domain of
mesomarketing --> generally confided to a certain sector or society.
Meso marketing = All activities developed by several collaborating organisations within a supply
chain or sector to match supply and demand/needs to realise shared marketing objectives.
1.2.3 Micromarketing
Micro marketing refers to the individual firm.
Marketing management = analysis, planning, implementation and constant distribution of all
activities designed to ensure that the products and services provided are tailored to meet the needs
and wants.
In practise --> Means making strategy. 4P's
1. Market research; identifying needs and wants
2. Ensure target group is well informed by promotion.
3. Making contact to make sure consumers are satisfied
--> This will lead to a strategy.
1.3 Development of the marketing mindset.
After WOII products were scare, there was not real incentive to adapt products to the needs and
wants of the customers. A shift was stimulated by multinationals. Since the industrial revolution,
most sectors have gone through the following phases;
Product oriented Selling oriented Marketing oriented Relationship marketing
1900-1950 > 1950 >1950 >1950
1.3.1 Product and production oriented companies
Production-oriented company does everything possible to make its production process highly
efficient.
Production concept = concentrating on mechanising and increasing production it was possible to
reduce price.
Product concept = main objective is to improve the quality. '' A good product will sell itself. ''
Sellers' market was typical --> Suppliers/sellers had the upper hand.
1.3.2 Selling-oriented companies
Production and promotion oriented phases lasted briefly after WOII. Due to the technological
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