A basic summary, focusing on the key concepts from the BUS2010S (Marketing 1) course notes. It is easy to understand, includes visual diagrams and ideal for test/exam preparation. The following sections are covered: Understanding Marketing, Marketing Strategies, The Marketplace, Managing Marketing ...
TEST BANK for Principles of Marketing 18th Edition by Philip Kotler and Gary Armstrong. Complete Chapters 1-20 A+ Guide ISBN:9780136708582 Newest Version
TEST BANK for Principles of Marketing 18th Edition by Philip Kotler and Gary Armstrong. Complete Chapters 1-20 Newest Version 2024 EDITION ISBN: 9780136708582
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Voorbeeld van de inhoud
BUS2010S
Marketing
Understanding Marketing
Definition of Marketing
The process by which firms create value for customers and build strong customer
relationships in order to capture value from customers in return.
10 Main Categories
The following table shows ten main types of categories that can be marketed:
Entity Description Brand Examples
Physical goods such as Woolworths
1 Goods
clothing and food MRP
Companies that have a service Outsurance
2 Services
offering Mango Airlines
Local markets, trade shows Olympics
3 Events
and sporting events Biscuit Mill
Bungee Jumping
4 Experiences Customised experiences
Shark Diving
Artists, musicians and
5 Persons
influencers
Cape Town Tourism
6 Places Cities, provinces and countries
SA Dept. of Tourism
Pam Golding
7 Properties Real estate
Seeff
Iziko Museum
8 Organisations Museums and non-profits
Gift of the Givers
Schools, universities and UCT
9 Information
colleges CPUT
Every market offering includes Just Do It
10 Ideas
a basic idea or benefit Don’t drink and drive
Role of a Marketer
• Someone who seeks a response, attention, purchase, vote or donation from
another party (target audience)
• Skilled at stimulating demand for their products by influencing the level, timing
and composition of demand to meet the organisation’s objectives
,Marketing Process
The marketing process aims to make potential customers aware of the company’s
existence and build the brand’s identity so that the company can sell to those
customers.
1.
Understanding the
marketplace and
customer needs and
wants
2.
5.
Designing a
Capturing value from
customer-driven
customers 5 Steps of the marketing strategy
Marketing
Process
3.
4. Constructing an
Build profitable integrated marketing
relationships plan that delivers
superior value
1. The Marketplace
This includes key customer markets:
Customer Market Description
“Companies that…”
Sell consumer goods such as food,
Consumer Market drink, clothing and beauty products
to individuals
Sell business goods and services to
Business Market
other businesses
Sell on a global level where they
Global Market
export goods and services
Sell goods and services to churches,
mosques and charitable
Non-Profit and Governmental Market organisations [Selling to
government usually requires a
tender process]
,2. Customer-Driven Marketing Strategy
Marketing (management) in practice:
• Choosing target markets and developing meaningful and profitable
relationships with them
• Aim to find, attract, keep and grow target customers by creating, delivering
and communicating superior customer value
• Choose which customers the business will serve and how best to do so
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 emphasises customer needs as a means of long-run business success.
Marketing Management Orientations:
1. The Production Concept
o Idea that consumers will favour products that are available and highly
affordable
o Firm focuses on improving production and distribution efficiency
o Main focus: Mass Production
o e.g. fast fashion such as MRP
2. The Product Concept
o Idea that consumers will favour products that offer the most quality,
performance and features
o Firm focuses on making continuous product improvement
o Main focus: Product Innovation
3. The Selling Concept
o Idea that consumers will not buy enough of the firm’s products unless it
undertakes a large-scale selling and promotion effort
o Main focus: Product Promotion
4. The Marketing Concept
o 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
o Main focus: Creating Customer Value
5. The Societal (Sustainable) Marketing Concept
o A principle of enlightened marketing that holds that a firm should make
good marketing decisions by considering consumer’s wants and long-
run interests, the firms’ requirements and society’s long-run interests
o Main focus: Being a Sustainable Business (meeting the triple bottom
line – people, planet and profit)
, 3. Integrated Marketing Plan
The Marketing Mix:
4. 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. Value from Customers
• Acquire and retain value from customers
• Involves capturing value from customers in the form of current and future
sales, market share and profits
• Main aim is to create customer loyalty and retain them for future profits
• It is measured by Customer Lifetime Value (CLV) which is the value of the
entire stream of purchases that a customer would make over a lifetime of
patronage
The New Marketing Landscape
THE DIGITAL AGE GLOBALISATION SOCIAL NOT FOR PROFIT
RESPONSIBILITY MARKETING
Rapid technological Advances in
advancement changes communication and Customers are There has been massive
the way firms bring value transport technology has increasingly demanding growth in the marketing
to their customers. lead to a more global that businesses be of non-for-profit
marketplace. socially and ethically organisations, like
conscious. universities.
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