Summary of Fundamentals of Marketing notes from The University of Exeter. Student gained a first class degree using these notes. Theory, case studies and extra notes included.
26th September
Fundamentals of Marketing
Streatham Court 1.77
MARKETING: The process of planning and executing the Tuesday 4:00-5:00
conception, pricing, promotion and distribution of ideas, Thursday 3:00-4:00
goods, and services to create exchanges that satisfy Alex.thompson@exeter.
individual and organisational goals - (AMA) ac.uk
BRAND PERSONALITY: Brands have unique characteristics that stand out so we can
identify them drives purchase
Product Features/Attributes:Differentiation/Uniqueness:
Condition – new, never used Creativity/Style of description
Price Consistency in language/appearance
Brand - Apple Features vs Benefits
Style/Feature
Availability – in stock now
Who is the target audience? – Example: MacBook Pro
Features-based
Intel Core M Processor
RAM: 8GB
Up to 12 hours battery life
Benefits-based
Fast processor lets you get more done faster
Powerful graphics card lets you play high resolution videos
Spacious hard drive, so you can install all your music and games
EXCHANGE: Idea that people give up something to receive something they would
rather have
Necessary Conditions for Exchange:
At least two parties involved
Each have something of value to the other party
Each party is capable of communication and delivery
They each have freedom to accept or reject the offer
Each party believes it is appropriate/desirable to deal with the other party
Historical Marketing Perspectives
Marketing exists at the point of choice where consumers are (or value):
- Price buyers
- Rational decision makers
- Profit maximisers/utility seekers
- Product and choice orientated
- Supply and demand influences
- Tastes
- Focused on the concept of exchange
Consumption is a bad thing and the root of environmental evil
- Unsustainable resources used
- Unethical
Marketing is viewed as a facilitator or creator of unwanted needs
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