Introduction to Marketing
LECTURER NOTES:
Marketing Mix: * The marketing process involves understanding the market to create, communicate and deliver an offering for exchange. * The marketing process is an ongoing cycle and often marketers will be undertaking multiple tasks simultaneously. * Marketers start by understanding the consumers, the market, and how they (the company, product or brand) are currently situated. * This may involve undertaking some market research to gain insights into a problem the marketer currently faces or reviewing sales data to understand how the company is currently performing. * The understanding phase of the marketing process involves analysis and assessment of the marketing environment, as well as consumer and business buying behaviour. * Marketers need to learn what customers, clients, partners and society want. This is an ongoing process as customer preferences are continually evolving. Customers’ needs and wants change with each product purchased, magazine read, conversation had or television program watched. * Markets are cluttered and there are many options available to consumers.
Role of Marketing
Marketing is the process of creating, distributing, promoting and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers in a dynamic environment.
Marketing concept: * Customer satisfaction * Customer loyalty * Value-driven (includes customer’s subjective view or assessment of the benefits they receive relative to the costs they incur)
Marketing Mix:
The marketing mix is a set of variables that a marketer can exercise control over in creating an offering for exchange. It is a framework describing the different elements that marketers need to consider. Frameworks include: * the 4 Ps framework — product, price, promotion and place (place is more easily understood as distribution). The 4 Ps framework is the traditional approach to the marketing mix. 1.
Marketing Mix: * The marketing process involves understanding the market to create, communicate and deliver an offering for exchange. * The marketing process is an ongoing cycle and often marketers will be undertaking multiple tasks simultaneously. * Marketers start by understanding the consumers, the market, and how they (the company, product or brand) are currently situated. * This may involve undertaking some market research to gain insights into a problem the marketer currently faces or reviewing sales data to understand how the company is currently performing. * The understanding phase of the marketing process involves analysis and assessment of the marketing environment, as well as consumer and business buying behaviour. * Marketers need to learn what customers, clients, partners and society want. This is an ongoing process as customer preferences are continually evolving. Customers’ needs and wants change with each product purchased, magazine read, conversation had or television program watched. * Markets are cluttered and there are many options available to consumers.
Role of Marketing
Marketing is the process of creating, distributing, promoting and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers in a dynamic environment.
Marketing concept: * Customer satisfaction * Customer loyalty * Value-driven (includes customer’s subjective view or assessment of the benefits they receive relative to the costs they incur)
Marketing Mix:
The marketing mix is a set of variables that a marketer can exercise control over in creating an offering for exchange. It is a framework describing the different elements that marketers need to consider. Frameworks include: * the 4 Ps framework — product, price, promotion and place (place is more easily understood as distribution). The 4 Ps framework is the traditional approach to the marketing mix. 1.