LO 1: Define marketing and identify the diverse factors influencing marketing actions
– Organisational function
– Set of processes for creating, communicating, delivering, and exchanging offerings that benefit the organistaion, it’s stakeholders and society at large
Trade of things of value between a buyer and a seller so that each is better off after the trade
– Uncontrollable factors
4 factors needed for marketing to occur
1. 2 or more parties with unsatisfied needs
2. a desire and ability on their part to have their needs satisfied
3. a way to communicate
4. something to exchange
LO 2: Explain how marketing discovers and satisfies consumer needs
– Researching what consumer needs are
– Satisfy consumer needs by implementing a marketing program possessing the right combination of the marketing mix – the 4 P’s
– Controllable factors because they are under the control of the marketing department in an organisation
LO 3: Distinguish between marketing mix factors and environmental forces
Factors that make up the marketing mix are controllable, whereas environmental factors are uncontrollable
LO 4: Explain how organisations build strong customer relationships and customer value through marketing
– Best Price
– Best Product
– Best Service
Combination of quality, price, convenience, on-time delivery, before- and after-sales service.
Links the organisation to its individual customers, employees, suppliers, and other partners for mutual long term benefits.
Plan that integrates the marketing mix to provide a good, service or idea to prospective buyers.
Relatively homogenous groups of prospective buyers that:
1. Have common needs
2. Will respond similarly to a marketing action
LO 5: Describe how today’s customer relationship era differs from prior eras
Today’s customer relationship era focuses on satisfying the high expectations of customers.
Idea that an organisation should:
1. Strive to satisfy the needs of customers while also,
2. trying to achieve the organisation’s goals
An organisation that has a market orientation focuses its efforts on:
1. continuously collecting information about customers’ needs
2. Sharing this information across departments
3. using it to create customer value
People who use products and services purchased for a household
Manufacturers, wholesalers, retailers, and govt agencies that buy products and services for their own use or for resale.