Fundamentals of Marketing Reading Material
UNIT 1 FUNDAMENTALS OF MARKETING MODULE - 1
Fundamentals of Marketing
UNIT 1 FUNDAMENTALS OF MARKETING
NOTES Structure
1.0 Introduction 1.1 Unit Objectives 1.2 Marketing Concept and Orientation
1.2.1 1.2.2 1.2.3 1.2.4 1.2.5 1.2.6 1.3.1 1.3.2 1.3.3 1.3.4 Marketing Concept Marketing Concept versus Production Concept Limitations of the Marketing Concept Marketing Orientation Profile of Marketing Oriented Organizations Marketing Orientation and Business Performance Segmentation, Targeting and Positioning Marketing Mix Characteristics of an Effective Marketing Mix Criticism of the 4Ps Approach to Marketing
1.3 Marketing Tasks
1.4 Marketing in the Modern Context
1.4.1 The Service Concept 1.4.2 The Experience Concept
1.5 Strategic Planning
1.5.1 Avoiding Limitations
1.6 1.7 1.8 1.9 1.10
Summary Key Terms Answers to ‘Check Your Progress’ Questions and Exercises Further Reading
1.0 INTRODUCTION
According to the American Marketing Association (AMA), 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.’ The term developed from the concept of going to the market to buy or sell goods or services. Marketing can also be viewed as ‘a set of processes that are interconnected and interdependent with other functions, whose methods can be improved using a variety of relatively new approaches.’ With the help of marketing, companies create customer interest in products or services; generate strategy that underlies sales techniques, business communication and business development; build strong customer relationships; and create value for their customers and for themselves. With the customer at the core of business activities, it can be said that marketing management is one of the major components of business management. In this unit, you will learn about the fundamentals of marketing in great detail.
1.1 UNIT
Fundamentals of Marketing
UNIT 1 FUNDAMENTALS OF MARKETING
NOTES Structure
1.0 Introduction 1.1 Unit Objectives 1.2 Marketing Concept and Orientation
1.2.1 1.2.2 1.2.3 1.2.4 1.2.5 1.2.6 1.3.1 1.3.2 1.3.3 1.3.4 Marketing Concept Marketing Concept versus Production Concept Limitations of the Marketing Concept Marketing Orientation Profile of Marketing Oriented Organizations Marketing Orientation and Business Performance Segmentation, Targeting and Positioning Marketing Mix Characteristics of an Effective Marketing Mix Criticism of the 4Ps Approach to Marketing
1.3 Marketing Tasks
1.4 Marketing in the Modern Context
1.4.1 The Service Concept 1.4.2 The Experience Concept
1.5 Strategic Planning
1.5.1 Avoiding Limitations
1.6 1.7 1.8 1.9 1.10
Summary Key Terms Answers to ‘Check Your Progress’ Questions and Exercises Further Reading
1.0 INTRODUCTION
According to the American Marketing Association (AMA), 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.’ The term developed from the concept of going to the market to buy or sell goods or services. Marketing can also be viewed as ‘a set of processes that are interconnected and interdependent with other functions, whose methods can be improved using a variety of relatively new approaches.’ With the help of marketing, companies create customer interest in products or services; generate strategy that underlies sales techniques, business communication and business development; build strong customer relationships; and create value for their customers and for themselves. With the customer at the core of business activities, it can be said that marketing management is one of the major components of business management. In this unit, you will learn about the fundamentals of marketing in great detail.
1.1 UNIT