Summary
Summary Strategic Marketing 354
- Course
- Strategic Marketing 354
- Institution
- Stellenbosch University (SUN)
STRATEGIC MARKETING 354 Summaries of CHAPTERS 1, 2, 3, 4, 6, 8, 9, 10, 11, 12, 13, 15, 16, 19, 20, 21, 22, 23
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Content preview
STRATEGIC MARKETING 354CHAPTERS 1, 2, 3, 4, 6, 8, 9, 10, 11, 12, 13, 15, 16, 19, 20, 21, 22, 23
1
,CHAPTER 1: DEFINING MARKETING FOR THE
NEW REALITIES
Good marketing is not an accident
it is both an art & a science
it results from careful planning & execution using tools & techniques
THE VALUE OF MARKETING
Financial success often depends on the marketing ability – other business functions do not matter
without sufficient demand for products & services so the firm can make a profit
MARKETING DECISION MAKING
Marketing builds strong brands & a loyal customer base – intangible assets that contribute heavily to
the value of a firm
Marketers must choose features, prices & markets and decide how much to spend on advertising, sales
& online and mobile marketing – in an internet-fuelled environment where consumers, competition,
technology & economic forces change rapidly & consequences quickly multiply
THE SCOPE OF MARKETING
WHAT IS MARKETING?
American Marketing Association’s formal definition:
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing Management is the art & science of choosing a target market & getting, keeping & growing
customers through creating, delivering & communicating superior customer value
Identifying & meeting human and social needs “meeting needs profitably”
Anticipating & satisfying consumer needs
Means of mutually beneficial exchange process
More profitably & effectively than competitors
NB!: customer satisfaction – “the aim of marketing is to know & understand the customer so well that
the product/service fits him & sells itself”
2
, WHAT IS MARKETED?
1. Goods (physical goods, i.e. foods, cars, televisions, machines etc.)
2. Services (i.e. airlines, hotels, accountants, maintenance & repair people)
3. Events (time-based events, i.e. artistic performances, company anniversaries etc.)
4. Experiences (create, stage & market experiences, i.e. Disney Land)
5. Persons (i.e. artists, musicians, athletes, entertainers, high-profile lawyers etc.)
6. Places (i.e. economic development specialists & real estate agents marketing cities)
7. Properties (exchange of intangible rights ownership which require marketing)
8. Organisations (museums, performing arts organizations, non-profits etc.)
9. Information (what books, schools & universities produce, market & distribute at a price)
10. Ideas (market offerings include a basic idea, i.e. social marketers)
WHO MARKETS?
Marketers & Prospects
A marketer is someone who seeks a response (attention, purchase, vote, donation) from another
party, called prospect.
Marketers are skilled at stimulation demand for their products – seek to influence the level, timing &
composition of demand to meet the organisations objectives.
8 demands states are possible:
1. Negative demand – consumers dislike the product & may even pay to avoid it
2. Non-existent demand- consumers may be unaware of or uninterested in the product
3. Latent demand – consumers may share a strong need that cannot be satisfied by an existing product
4. Declining demand – consumers begin to buy the product less frequently or not at all
5. Irregular demand – consumer purchases vary on a seasonal, monthly, weekly, daily, hourly basis
6. Full demand – consumers are adequately buying all products put into the marketplace
7. Overfull demand – more consumers would like to buy the product than can be satisfied
8. Unwholesome demand – consumers may be attracted to products that have undesirable social
consequences
Markets
A collection of buyers and sellers who transact over a particular product or product class.
Five basic markets
1. Manufacturer markets – go to resource markets & buy resources to turn into goods & services
2. Resource markets – raw material, labour & money markets
3
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