Marketing handout

marketing20mix

  • Marketing is a total system of interacting activities designed to plan, price, promote and distribute products to present and potential customers.

 

Role of marketing:

  • Find out what customers want and then attempt to satisfy their needs.
  • Bring together the buyer and seller.
  • Generate revenue for the business.

 

  • A market is a group of individual, organisations or both that:
    • need or want a product
    • have the money to purchase the product
    • are willing to spend their money to obtain the product
    • are socially and legally authorised to purchase the product.

 

  • Marketing plans and strategies vary depending on the intended market.

 

Type of market Customers
Resource Agricultural firms
Industrial Secondary and tertiary firms
Intermediate Wholesalers and retailers
Consumer Individuals and households
Mass Vast number of individuals
Niche Small target market

 

Changes in marketing over time:

 

  1. Production approach – Taking orders and delivering goods.
  • 1820s to 1920s
  • Emphasis on producing goods
  • Demand for goods is greater than supply.

 

  1. Sales approach – Advertising and personal selling.
  • 1920s to 1960s
  • Emphasis on selling goods
  • Demand is weaker.

 

  1. Marketing approach – Aimed at satisfying customers’ needs.
  • 1960s to present
  • Emphasis on identifying customer needs through market research
  • Establishing and maintaining customer relationships
  • Development of the marketing concept.

The marketing concept is a business philosophy that states that all sections of the business are involved in satisfying a customer’s needs and wants while achieving the business’s goals. It is based on four principles:

  • customer-oriented
  • supported by integrated marketing strategies
  • aimed at satisfying customers
  • integrated into the business plan so as to achieve the business’s goals.

Marketing concept accomplished through:

  • Customer orientation: marketing decisions and practices are based on customers’ needs
  • Relationship marketing: long-term relationships with individual customers to create customer loyalty.
  • Marketing planning process is the process of developing and implementing marketing strategies to achieve marketing strategies, and consists of five steps:
  1. Performing situational analysis
  2. Establishing market objectives
  3. Identifying target markets
  4. Developing marketing strategies
  5. Implementing, monitoring and controlling the marketing plan.

 

  • Marketing plans must evolve and adapt to new circumstances.

From Chapter Summary, Marketing, HSC Course, JacOnline

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