week 1 â introduction to marketing
WEEK 1 – INTRODUCTION TO MARKETING DEFINITION – the activity, institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers
Activity institutions way of doing business that puts market at heart of decisions o FOR Creating, delivering developing goods/service/idea that us promoted & distributed to customers o AND Exchanging offerings that have value mutually beneficial exchange o FOR Customers, clients, society benefit from the products, individuals that aren’t a part of marketer’s supply chain
KEY POINTS – marketers must be ware of the impact their product has on society Corporate social responsibility or sustainability Marketing theories – Draw on other theories and disciplines psychology, sociology, economy, management Marketing trends- marketing moving towards the “delivery of experience”. Trends include sustainability, humor, brand awareness Marketing used by: all corporations small/large, non profit/profit organisations, government bodies Marketing process – involves understanding the market to create exchanges and offerings Understanding phase: of marketing process involves analysis and assessment of marketing environments and market (local and international), consumer and business buying behavior Marketers must assess the internal/external factors to meet the needs/wants of consumers EXCHANGE OF VALUE Exchange: mutually beneficial transfer of offerings of value between buyer an seller Must satisfy: the 2 or more parties participating each with something of value desired by 1 party Value: Central marketing concept. Customer’s overall assessment of the utility if an offering based on perceptions of what is received for price “total offerings” aspect include reputation of an organization, how employees act, features of product, quality, price, etc. THE MARKET A group of consumers with homogeneous (similar) needs and wants o Markets include: demographics, geographic, product Market Groupso CUSTOMERS – people who purchase the goods and services for their own use o CONSUMERS – People who use the product (good/service) o CLIENTS – ‘customers’ of the product of not-for-profit organisations o PARTNERS – organisations or individuals who are involved with the activities and process for creating, delivering, communicating offerings for exchange
Activity institutions way of doing business that puts market at heart of decisions o FOR Creating, delivering developing goods/service/idea that us promoted & distributed to customers o AND Exchanging offerings that have value mutually beneficial exchange o FOR Customers, clients, society benefit from the products, individuals that aren’t a part of marketer’s supply chain
KEY POINTS – marketers must be ware of the impact their product has on society Corporate social responsibility or sustainability Marketing theories – Draw on other theories and disciplines psychology, sociology, economy, management Marketing trends- marketing moving towards the “delivery of experience”. Trends include sustainability, humor, brand awareness Marketing used by: all corporations small/large, non profit/profit organisations, government bodies Marketing process – involves understanding the market to create exchanges and offerings Understanding phase: of marketing process involves analysis and assessment of marketing environments and market (local and international), consumer and business buying behavior Marketers must assess the internal/external factors to meet the needs/wants of consumers EXCHANGE OF VALUE Exchange: mutually beneficial transfer of offerings of value between buyer an seller Must satisfy: the 2 or more parties participating each with something of value desired by 1 party Value: Central marketing concept. Customer’s overall assessment of the utility if an offering based on perceptions of what is received for price “total offerings” aspect include reputation of an organization, how employees act, features of product, quality, price, etc. THE MARKET A group of consumers with homogeneous (similar) needs and wants o Markets include: demographics, geographic, product Market Groupso CUSTOMERS – people who purchase the goods and services for their own use o CONSUMERS – People who use the product (good/service) o CLIENTS – ‘customers’ of the product of not-for-profit organisations o PARTNERS – organisations or individuals who are involved with the activities and process for creating, delivering, communicating offerings for exchange
