These notes include a summary of second-year marketing management work. With information from the textbook Marketing Concepts and Strategies, these notes also contain additional notes from lectures, tutors and the slides used during the duration of the module.
*Exam mark: 88%
*Final mark: 90%
...
Marketing trial exam 2020 - Oefententamen met antwoorden - 32 MC vragen - Lectures and book
Marketing trial exam 2020 - Oefententamen 2020 - Met antwoorden en uitleg
Marketing trial exam 2020 - Oefententamen 2020
All for this textbook (7)
Written for
IMM Graduate School (IMM)
Marketing management (MAR202B)
All documents for this subject (1)
1
review
By: carlidebeer • 8 months ago
Seller
Follow
chrizelbreytenbach
Reviews received
Content preview
Marketing 2
The marketing concept Study unit 1 / Chapter 1
implementation and control of the marketing strategy and its
Glossary associated marketing programmes"
& Critical marketing – “Involves challenging orthodox views that & Marketing strategy – “The selection of which marketing
are central to the core principles of the discipline” opportunities to pursue, analysis of target market(s), and the
& Customer satisfaction – “A state that results when an exchange creation and maintenance of an appropriate marketing mix that will
meets the needs and expectations of the buyer” satisfy those people in the target market(s)"
& Marketing – “Individual and organisational activities that facilitate
and expedite satisfying exchange relationships in a dynamic 1.Marketing and marketing orientation
environment through the creation, distribution, promotion and
pricing of goods, services and ideas” 1.1 Marketing orientation
& Marketing concept – “The philosophy that an organisation should & A marketing-oriented organisation ‘allocates resources to
try to provide products that satisfy customers’ needs through a understanding the needs, wants and buying behaviours of
coordinated set of activities that also allows the organisation to customers, competitors’ activities and strategies, and market
achieve its goals” trends and external forces.
& Marketing era – “The period in which product and aggressive ® They ensure its operations, personnel and capabilities re-aligned to
selling were no longer seen to suffice if customers either did not reflect these external drivers.
desire a product or preferred a rival brand, and in which customer ® Focused on identifying how they will evolve, so ensuring that the
needs were identified and satisfied” organizations strategy and capabilities are modified to reflect not
& Marketing mix – “The tactical ‘toolkit’ of the marketing just current market requirements but also future market
programme; product, place/distribution, promotion, price and people conditions.
variables that an organisation can control in order to appeal to the ® There are a few organisations that can claim to be marketing
target market and facilitate satisfying exchange" orientated (some are sales-led), but a marketing orientation
& Marketing opportunity – “One that exists when circumstances is of substantial benefit to an organisation as it enables a
allow an organisation to take action towards reaching a particular better understanding of customers and helps a business to prepare
group of consumer or business customers” for external market developments, threats and opportunities.
& Marketing orientation - "A marketing-oriented organisation
devotes resources to understanding the needs and buying behaviour
of customers, competitors’ activities and strategies, and of market 1.2 Marketing defined
trends and external forces – now and as they may shape up in the & Marketing - “Marketing consists of individual and organisational
future, inter-functional coordination ensures that the organization’s activities that facilitate and expedite satisfying exchange relationships
activities and capabilities are aligned to this marketing intelligence" in a dynamic environment through the creation, distribution,
& Marketing process – "Analysis of market conditions, the creation promotion and pricing of goods, services and ideas.” (Dibb et al.,
of an appropriate marketing strategy, the development of marketing 2016 & 2019)
programmes designed to action the agreed strategy and, finally, the
, Marketing 2
General market trends and developments that may affect both customers 2. The marketing process
views and the activities of organizations operating in a particular
market include: [Forces of the marketing environment] ® Continual changes in the marketing environment, competitors and
o Social trends their activities as well as changing customer needs, expectations,
o Technological enhancements perceptions and buying behaviour mean that marketers must
o Economic patterns undertake analyses of these market conditions to ensure that
o Changes in the legal and regulatory arena marketing strategies and their associated marketing programmes are
o Political influences truly effective.
Marketing depends on the successful analysis of customers, the
marketing environment, competition, internal capabilities and
performance.
With an understanding of these aspects of the marketplace
and organization must then develop a marketing strategy.
Once an organization has devised a marketing strategy it then
must switch its attention to marketing mix programmes.
® Marketers should understand their markets as well as
their own capabilities and performance before developing
marketing programmes.
The following key aspects are important in defining marketing:
• Satisfying customers
• Identifying and maximizing marketing opportunities
• Targeting the ‘right’ customers
• Facilitating exchange relationships
• Staying ahead in dynamic environments
• Endeavoring to beat or pre-empt competitors
• Utilizing resources/assets effectively
• Increasing market share (in core target markets)
• Enhancing profitability
• Satisfying the organization’s stakeholders
, Marketing 2
The marketing process involves: 3. The marketing concept and its evolution
1. Marketing analysis stage
® According to the marketing concept an organization should try
• Analysing market conditions
to provide products that satisfy customers’ needs through a
• It is important that an organizations capabilities are
coordinated set of activities that also allows the organization to
modified in order to reflect market conditions and likely
achieve its goals.
demands.
® Customers satisfaction is a major aim of the marketing concept
• Marketers must also be aware of where they make good
financial returns and which products / markets are not
Over the years, marketing has evolved, taking on different forms and
performing well.
philosophies. The evolution of marketing from the industrial revolution
• Fundamental stage to the modern-day marketing philosophies of the 21st century.
2. Marketing strategy
∆ The production era – A classic example of this philosophy is that
• Involves selecting the opportunities (generally only some) of Henry Ford with his Model T, he said, “You can have any colour you
to be pursued and devising an associated target market want as long as it’s black”. Ford believed that whatever they made
strategy would be accepted and bought by consumers. How things have
• Marketers must ensure they develop a compelling value changed!
proposition and clear brand positioning.
• These strategic recommendations should then translate ∆ The sales era – In South Africa today, telemarketers selling
into specific marketing objectives to steer the creation of insurance or mobile solutions seem to have this focus. They are
marketing programmes not concerned with whether the customer has a need for the
product or not, they only focus on the sale.
3. Marketing programmes
• Developing marketing programmes to execute the ∆ The marketing era – by the early 1950s, businesses found that
strategy they first had to determine what customers want and then
• These programmes revolve around specifying product, produce it, rather than simply making products. As more
people, promotion, pricing and place attributes and organisations realised the importance of identifying customers’
policies, designed to appeal to and serve those customers needs, businesses entered the marketing era (era of customer
identified as being in the priority target markets. orientation). This gave birth to the marketing concept, which
is a way of thinking, a management philosophy about an
4. Marketing controls organisation’s entire range of activities. The marketing concept
• Implementing, monitoring and controlling these plans. states that an organisation should try to provide products and
services that satisfy customers’ needs through a coordinated set of
activities that also allows the organisation to achieve its goals.
Companies track customer needs and wants and provide products
to match these needs, for example, Apple and Samsung are using this
strategy to produce products customers want.
, Marketing 2
∆ The relationship-marketing era – many marketers now 4.The essential concepts of marketing
believe long-term brand loyalty is an essential goal, rather than
focusing only on a single transaction with a customer. Relationship
marketing still emphasizes the targeted customer, but in order to Essential Explanation
build long-term relationships the emphasis is on ‘looking after’ the concepts
customer once the initial business has been won. Relationship Marketing Marketing intelligence gleaned from marketing analysis of
marketing refers to ‘long-term, mutually beneficial arrangements in analysis customers, competitors, marketing environmental forces and
which both the buyer and seller focus on value enhancement capabilities of a firm and marketing assets.
through the creation of more satisfying exchanges. For example, to Marketing A marketing strategy encompasses the selection of which
enhance relationships with its customers, FNB sends congratulatory strategy marketing opportunities to pursue, analysis of target markets
birthday messages to its customers. and competitive positioning, and the creation and maintenance
of appropriate value propositions that will satisfy the target
∆ The digital era – the internet has brought about a completely market.
new set of behaviours, both for consumers and brands to engage, Marketing Marketers design the marketing programme (marketing mix)
communicate, learn and share opinions. Multi-channel marketing, Programmes elements to make the marketing strategy become a reality.
mobile marketing, social media, big data and customer relationship (P’s of marketing: Product, Price, Place, Promotion, and
management (CRM) processes are some of the main People, Processes, Physical evidence for the extended services
mix).
consequences. A game-changer for marketers has been the
Marketing This is the process of planning, organising, implementing and
emergence of Customer-to-customer (C2C) communication about Management controlling marketing activities to facilitate and expedite
brands, products and experiences based on social media, taking exchanges effectively and efficiently.
much control over brand messaging away from marketers. For
example, websites like Bid or Buy and have created markets for
customers to interact, not to mention the myriad of social media 5.Conclusion
networking sites.
The main objective of marketing is to produce need-satisfying
products and services for customers. The marketing process outlined
∆ Other developments – The uptake of the marketing process assists in making sure that marketing is effective and competitive
and toolkit for non-commercial purposes has also been a recent advantage achieved.
phenomenon, with social marketing encouraging positive
behavioural and attitude changes around health, well-being and
sustainability. There has also been the growth of what has come to
be termed critical marketing. This questions whether the actions
of marketers are truly acceptable, beneficial or for the greater
good. Examples are organisations promoting the practise of safe sex to
reduce HIV infection among the youth
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller chrizelbreytenbach. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.89. You're not tied to anything after your purchase.
