The activity, set of institutions, and processes for creating, communicating, delivering and exchanging offers that have value for customers, clients, partners and society at large
1 CHAPTER 1: AN OVERVIEW OF MARKETING .....................................................7
1.1 WHAT IS MARKETING? ....................................................................................7
1.1.1 Marketing defined ................................................................................................... 7
1.2 CUSTOMER SATISFACTION ...........................................................................7
1.3 MEASURING CUSTOMER SATISFACTION .....................................................7
1.4 HERZBERG’S TWO-FACTOR MODEL OF CUSTOMER SERVICE (CS) ........7
1.5 BENEFITS OF CUSTOMER SERVICES ...........................................................8
1.6 FIVE CONDITIONS OF EXCHANGE ................................................................8
1.7 MARKETING MANAGEMENT PHILOSOPHIES ...............................................8
1.8 DIFFERENCES BETWEEN SALES AND CONSUMERS ORIENTATION ........8
1.9 A WORD OF CAUTION .....................................................................................9
1.10 IMPLEMENTING THE MARKETING CONCEPT IN EXISTING FIRMS ............9
1.11 CHANGES IN AUTHORITY AND RESPONSIBILITY ........................................9
1.12 THE IMPORTANCE OF NEW OPPORTUNITIES .............................................9
1.13 THE FIRMS BUSINESS .....................................................................................9
1.14 WHAT IS THIS FIRM’S BUSINESS? ...............................................................10
1.15 IMPORTANCE OF COMPETITIVE ADVANTAGE/ UNIQUE SELLING
PROPOSITION ................................................................................................10
1.16 STRATEGIES TO ESTABLISH AND MAINTAIN A COMPETITIVE
ADVANTAGE ...................................................................................................10
1.17 THE MARKETING PROCESS .........................................................................11
1.18 IMPORTANT MARKETING CONCEPTS .........................................................11
1.19 THE POSITION AND ROLE OF MARKETING IN THE FARM ........................11
1.20 WHY ARE THERE CRITICS OF MARKETING ...............................................11
1.21 WHY STUDY MARKETING .............................................................................12
2 CHAPTER 2: ANALYSING THE EXTERNAL ENVIRONMENT’S INFLUENCE
ON MARKETING ...................................................................................................13
2.1 THE MARKETING ENVIRONMENT ................................................................13
2.2 UNDERSTANDING THE EXTERNAL ENVIRONMENT ..................................13
2.2.1 Methods of environmental scanning ..................................................................... 13
2.3 UNDERSTANDING THE EXTERNAL ENVIRONMENT
(OPPORTUNITIES AND THREATS) ...............................................................14
2
, 2.4 ENVIRONMENTAL MANAGEMENT ...............................................................14
2.5 SOCIAL FACTORS ..........................................................................................15
2.6 DEMOGRAPHIC FACTORS ............................................................................15
2.7 UNIVERSAL LIVING STANDARDS MEASURE ..............................................15
2.8 USING LSM TO UNDERSTAND THE MARKET .............................................16
2.9 ECONOMIC FACTORS ...................................................................................16
2.10 TECHNOLOGICAL FACTORS ........................................................................16
2.11 POLITICAL FACTORS .....................................................................................16
2.12 LEGAL FACTORS ...........................................................................................17
2.13 COMPETITIVE FACTORS ...............................................................................17
2.14 PHYSICAL FORCES .......................................................................................17
3 CHAPTER 4: ANALYSING THE COMPETITIVE SITUATION...............................18
3.1 IDENTIFYING COMPETITORS .......................................................................18
3.2 APPROACHES TO IDENTIFYING COMPETITORS .......................................18
3.3 THE STRATEGIC GROUP APPROACH TO IDENTIFYING
COMPETITORS ...............................................................................................18
3.4 DEFINING THE COMPETITIVE ARENA .........................................................19
3.5 THE COMPETITIVE STRUCTURE OF AN INDUSTRY ..................................19
3.6 5 COMPETITVE FORCES ...............................................................................19
3.6.1 The threat of new entrants..................................................................................... 19
3.6.2 Threat of substitute product .................................................................................. 20
3.6.3 Threat of buyers growing bargaining power ......................................................... 20
3.6.4 Threat of suppliers’ growing bargaining power.................................................... 20
3.6.5 Threat of intense segment rivalry ......................................................................... 21
3.7 ANALYSING KEY COMPETITORS .................................................................21
3.8 UNDERSTANDING POTENTIAL COMPETITORS .........................................21
3.9 EVALUATING COMPETITOR’S STRENGTHS AND WEAKNESSES ............21
Key Success Factor (KSF): ................................................................................................... 21
3.10 ANTICIPATING COMPETITOS’ ACTIONS .....................................................22
3.11 DIRECT RIVALRY AMONG COMPETITORS .................................................23
3.12 SELECTING COMPETITORS TO ATTACK/AVOID ........................................23
4 CHAPTER 6: SEGMENTING AND TARGETING MARKETS ................................24
4.1 NATURE OF MARKET SEGMENTATION .......................................................24
3
, 4.2 IMPORTANCE OF MARKET SEGMENTATION .............................................24
4.3 CRITERIA FOR SUCCESSFUL SEGMENTATION .........................................24
4.4 BASES FOR SEGMENTING CONSUMER MARKETS ...................................24
4.5 QUALIFYING AND DETERMINING BASES FOR SEGMENTATION ................................25
4.6 STRATEGIES FOR SELECTING TARGET MARKETS ..................................26
4.7 POSITIONING ..................................................................................................27
5 BARRIERS TO MARKETING PLANNING .............................................................28
6 CHAPTER 8: PRODUCT DECISIONS ..................................................................31
6.1 WHAT IS A PRODUCT ....................................................................................31
6.2 PRODUCT ITEMS, LINES AND MIXES ..........................................................31
6.3 ORGANISING RELATED ITEMS INTO PRODUCT LINES .............................31
6.4 ADJUSTMENTS TO PRODUCT ITEMS, LINES AND MIXES .........................31
7 CHAPTER 9: DEVELOPING AND MANAGING PRODUCTS ...............................33
7.1 IMPORTANCE OF NEW PRODUCTS .............................................................33
7.2 CATEGORIES OF NEW PRODUCTS .............................................................33
7.3 THE NEW-PRODUCT DEVELOPMENT PROCESS .......................................33
7.4 WHY SOME NEW PRODUCTS SUCCEED AND OTHERS FAIL ...................35
7.5 ORGANISING FOR NEW-PRODUCT DEVELOPMENT .................................35
7.6 PRODUCT LIFE CYCLE ..................................................................................35
7.7 EVALUATING THE PRODUCT LIFE CYCLE CONCEPTS .............................37
7.8 MARKET ACCEPTANCE OF NEW PRODUCTS ............................................37
7.9 PRODUCT CHARACTERISTICS AND THE RATE OF ADOPTION (DIFFUSION) .................37
8 CHAPTER 10: MARKETING CHANNELS AND THE ROLE OF
INTERMEDIARIES.................................................................................................38
8.1 BENEFITS OF MARKETING CHANNELS .......................................................38
8.2 MARKETING CHANNELS AND THE DISTRIBUTION OF PRODUCTS .........38
8.3 FUNCTIONS OF MARKETING CHANNEL ......................................................38
8.4 MARKETING CHANNEL STRUCTURES ........................................................38
8.5 UTILISING ALTERNATIVE MARKETING CHANNEL ARRANGEMENTS ......39
8.6 FACTORS THAT INFLUENCE MARKETING CHANNEL STRATEGIES ........39
8.7 POTENTIAL CHANNEL CONFLICT ................................................................39
8.8 POWER IN DISTRIBUTION CHANNEL ..........................................................39
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