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BUS 2010 Marketing Notes for Exam 1 Complete RATED A
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BUS 2010 Marketing Notes for Exam 1 Complete RATED A
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BUS 2010 Marketing Notes for Exam 1 CompleteRATED A
,BUS2010S SUMMARY NWRHOL001
1. Understanding marketing
• Marketing:
• Aim is to know & understand the customer & satisfy customers wants and needs
• Is the action or business of promoting & selling products or services, including market
research & advertising
• Process by which firms create value for customers & build strong customer relationships
in order to capture value from customers in return.
• Primary objective = to provide need-satisfying products to potential buyers at a profit
• Is the activity, set of institutions, & process for creating, communicating, delivering &
exchanging offerings that have value for customers, clients, partners & society at large
• Is NOT advertising, sales, logo, design
• 10 main types of categories that can be marketed
1. Goods → Physical goods such as clothing & food (Woolies, Mr P)
2. Services → Companies that has a service offering (OUTsurance, Mango Airlines)
3. Events → Local markets, trade shows, sporting events (Olympics, Biscuit Mill)
4. Experiences → Customized experiences (Bungee jumping, shark diving)
5. Persons → Artists, Musicians, Influencers
6. Places → Cities, Provinces, Countries (Cape Town Tourism, SA Department of Tourism)
7. Properties → Real estate (Pam Golding, Seeff)
8. Organisations → Museums, Non-Profits (ziko Museum, Gift of the Givers)
9. Information → Schools, Universities, Colleges
10. Idea → Every market offering includes a basic idea or benefit I Just do it, Don’t drink &
drive
• Role of a marketer:
• Someone who seeks a response → attention, a purchase, a vote, donation from another
party (target audience)
• Are skilled at stimulating demand for their products by influencing level, timing &
composition of demand to meet organisations objectives
• Marketing Process:
5-steps →
,• 1) Understand the marketplace: key customer markets
1. Consumer market = Companies that sell consumer goods such as food, drink, clothing
and beauty products to individuals.
2. Business market = Companies that sell business goods & services to other businesses.
3. Global market = Companies that sell on a global level where they export goods &
services.
4. Non-profit & governmental market = Companies that sell goods & services to churches,
mosques & charitable organisations. Selling to government usually require a tender
process when the company would submit a proposal in order to become a tender
• 2) Design a customer-driven marketing strategy:
• Marketing in practice:
◼ Marketing management is the art and science of choosing target markets and
developing meaningful & profitable relationships with them
◼ Marketing managers aim to find, attract, keep and grow target customers by
creating, delivering and communicating superior customer value
◼ They choose which consumers the business will serve and how best to serve them
• Evolution of marketing management philosophies
◼ The marketing concept as a business philosophy is traced from its origins as a
business belief where efficient production was the emphasis to the current belief
which emphasizes customer needs as a means of long-run business success. The
concept has evolved in a progressive fashion over the last century.
• Marketing management orientations
1. The Production Concept
◼ The idea that consumers will favour products that are available and highly
affordable, and that the firm should therefore focus on improving production and
distribution efficiency
◼ The focus on mass production
◼ Example: Fast fashion: inexpensive clothing produced rapidly by mass-market
retailers in response to the latest trends e.g. Mr Price Clothing and Pep Clothing
Stores
2. The Product Concept
◼ The idea that consumers will favour products that offer the most quality,
performance and features, and that the firm should therefore devote it energy to
making continuous product improvement.
◼ The focus on product innovation
3. The Selling Concept
◼ The idea that consumers will not buy enough of the firm’s products unless it
undertakes a large-scale selling and promotion effort
◼ The focus on product promotion
4. The Marketing Concept
◼ The idea that achieving a firm’s goals depends on the needs and wants of target
markets and delivering the desired satisfactions better than competitors do
◼ The focus on creating customer value
, 5. The Societal (Sustainable) Marketing Concept
◼ A principle of enlightened marketing that holds that a firm should make good
marketing decisions by considering consumer’s wants, the firms' requirements,
consumer’s long-run interests and society’s long-run interests
◼ The focus on being a sustainable business – meeting the triple bottom line (people,
planet & profit)
• 3) Develop an integrated marketing plan:
• 4) Build profitable relationships
• Partner Relationship Management: Working closely with partners in other departments
of the firm and outside the firm to jointly bring greater value to customers
• 5) Acquire and retain value from customers
• This involves capturing value from customers in the form of current and future sales,
market share and profits
• The main aim is to create customer loyalty and retain them for future profits and is
measured by:
• Customer Lifetime Value (CLV): the value of the entire stream of purchases that a
customer would makeover a lifetime of patronage
• The new marketing landscape:
→The digital age
• Rapid technological advancement changes the way firms bring value to their customer
→globalisation
• Advances in communication & transport technology has led to a more global
marketplace
→social responsibility
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