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24108 Marketing Foundations Summary Notes

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  24108 Marketing Foundations UTS Chapter One - INTROUCTION TO M!R #TIN$ Marketing  – set of institutions and processes for creating, communicating, delivering and exchanging products of value for customers, clients, partners and society at large. Firms with a market orientation perform better than firms without a market orientation. They have better  profits, sales volumes, return on investment and market share. Marketers must learn about the needs and wants of customers. This is an ongoing process as customer preferences are continually evolving. The best marketers are able to offer something that is unique or special to customers e.g.  pad.!n example of marketing in action is !pple td creating customer delight via market orientationi.e. a focus on the customer. Moreover, with a clear focus on #ew $roduct !nalysis coupled by market research the company is able to achieve this ob%ective. !pple has better profits, sales volume return on investment and market share. The marketer has adopted marketing thinking viamutually beneficial exchange with value creation for all parties, both parties expectations being met and both parties benefit from the transaction. &thics is a set of moral principles that guide attitudes and behaviour. 'orporate (ocial )esponsibility is the material fact that businesses have a duty to act in the best interests of the society that sustains them. They are obliged to act ethically, within the law and fulfil requirements such as philanthropy, protecting the natural environment, providing products that  benefit society and generating employment and wealth. *antas+s corporate social responsibility -the spirit of !ustralia+ is used as leverage to earn more cash money via support of community organisations such as 'lean up !ustralia, and 'are and the $rime Minister+s /isability !wards.The marketing organisation has not fulfilled its obligations to all stakeholders if it merely acts within the law. The organisation must act in the best interests of most stakeholders such as shareholders, employees, customers, partners and government.Marketing can be used by not for profit organisations such as the (alvation !rmy that aims to advance the welfare of the less fortunate and needy. This can be via ntegrated Marketing 'ommunications or promotion in online news media to generate donations to help the needy.! contemporary product that demonstrates how marketers stimulate demand is  phone. The  product+s augmentation such as special features that differentiates  phone from competing  products e.g. a digital high definition camera which allows users to take pictures when they want.!dvertisements that are product focused include 0M1 -the ultimate driving machine+, while advertisements that are customer focused include #!0 -more give less take.+. 1  | MARKETING FOUNDATIONS  The Marketing %ro&ess The marketing process involves answering two questions. The first question is what customers we serve market segmentation and targeting. The second question is how we best serve targeted customers differentiation and positioning. -Understand the marketplace and custmer needs and !ants-Des #n a custmer-dr $en market n# strate#%-&nstruct an nte#rated market n# pr#ram that del $ers super r $alue-'u ld pr(ta)le relat nsh ps and create custmer del #ht-&apture $alue *rm custmers t create pr(ts and custmer e+u t% Si'p(e Marketing Con&epts -Needs, !ants and demands  prducts as )undles * )ene(ts, lk *r )est $alue *r mne%  Needs  th n#s that are $ tal *r sur$ $al e.#. hus n#, *d and !ater.  /ants  a nn-necessar% des re e.#. des #ner clthes and per*ume.  Demands  !ants )acked )% )u% n# p!er-0rducts  ered t market t sat s*% need r !ant 2e.#. #ds, e3per ences,place, n*rmat n4-5alue, sat s*act n and +ual t%  5alue  custmer6s $erall percept n * the ut l t% * a prduct )ased n !hat s rece $ed and !hat s # $en. Ut l t% s the use*ulness * a prduct. 5 7 8ual t%9 0r ce 7 'ene(ts e3pected9 )ene(ts rece $ed  &ustmer sat s*act n  e3tent t !h ch perce $ed per*rmance meets e3pectat ns  8ual t%  h! !ell prducts sat s(es !ant-E3chan#e, transact ns and relat nsh ps  E3chan#e  the mutuall% )ene(c al trans*er * prducts * $alue )et!een )u%er and seller. It n$l$es:1.$alue creat n *r all part es;.)th part es )ene(t *rm the transact n<.'th part es e3pectat ns must )e met e.#. +ual t% and pr ce. An e3ample * an e3chan#e s the &ancer &unc l Austral a runs Tele$ s n ad$ert sements encura# n# peple t prtect the r sk n *rm sun dama#e. 0eple )ecme a!are that the% shuld !ear prtect $e clth n# !hen n the sun. The &ancer &unc l meets ts )=ect $es )ecause mre peple are !ear n# prtect $e clth n# !hen n the sun. >n# term )ene(ts ! ll ar se *r sc et% as the rate * sk n cancer drps *r the Austral an ppulat n. Transact n  market n#6s un t * measurement? trade * $alue ;  | MARKETING FOUNDATIONS   Relat nsh p market n#  creat n#, ma nta n n# and enhanc n# strn# $alue-laden relat nsh ps ! th custmers and ther stakehlders.A market   s a #rup * custmers ! th heter#eneus needs and !ants e.#. Ge#raph c markets 2&h na, Austral a and the UK4, Dem#raph c markets 2'a)% )mers, Gen @ and Gen 4 and 0rduct markets 2!ater )ttle and pa n k ller4. esigning Custo'er-ri)en Marketing Strateg* -Market n# mana#ement  Banal%s s, plann n#, mplementat n and cntrl * pr#rams des #ned t create, cmmun cate and del $er $alue t custmers and *ac l tate mana# n# custmer relat nsh ps n !a%s that ena)le the r#an sat n t meet ts )=ects and thse * ts stakehlders Se(e&ti)e Custo'er to Ser)e Demand mana#ement  understand and mn tr nature * cnsumer demand? )u ld pr(ta)le relat nsh ps, cst * attract n# ne! custmer s ($e t mes h #her than keep n# e3 st n# ne&reat n# e3c tement  The Marketing #)o(ution 1. Trade 2)arter n# and e3chan#e * prducts4.;. 0rduct n r entat n  !hat culd )e madeC enr% Frd sa d that B%u can ha$e an% car that %u !ant as ln# as t6s )lack 2)ecause )lack !as the cheapest car t prduce4<.Sales r entat n  cnsumers !n6t )u% unless r#an sat ns undertake lar#e-scale prmt nal erts 2e.#. l *e nsurance4. Be% cme and )u% the )lue car, !e kn! %u can #et )lack )ut )lue s )etter sa%s the used car salesman..Market n# r entat n  *cus n the custmer and (nd n# ut !hat the% needand !ant..Sc etal market r entat n- used as a sell n# p nt and le$era#e t tar#et sc all% a!are custmers .e. &rprate Sc al Respns ) l t% and Eth cs. Se((ing and Marketing Con&eptsCon&eptStarting %ointFo&usMeans#ndsSe((ing Factory&xisting products(elling and  promoting$rofits through sales volume Marketing Market'ustomer #eedsntegrated Marketing$rofits through customer satisfaction  %hi(osophies -Sc al market n# cncept  )alance )et!een deas * SO&IETA> 2UMAN /E>FARE4 H &OM0AN 20ROFITS4 H &ONSUMERS 2SATISFA&TION4 %reparing an Integrated Marketing %rogra' <  | MARKETING FOUNDATIONS  -Outl nes !h ch custmers the cmpan% ! ll ser$e and h! t ! ll create $alue-De$elped t del $er $alue t tar#et custmers-'u lds relat nsh ps? cns sts * market n# m 3 Managing the Marketing Mi+ 0RODU&T  #d, ser$ ce r dea ered t the market *r e3chan#e. 0RI&E  the amunt * mne% a )us ness demands n e3chan#e *r ts prducts.-0ROMOTION  ad$ert s n#, persnal sell n#, nl ne market n#-0>A&EMENT  channel mana#ement-0h%s cal e$ dence  used t measure sat s*act n .e. as ser$ ces are ntan# )le-0rcess  n h #h-cntact6 ser$ ces, custmers n$l$ed n creat n# and en=% n# e3per ences-0eple  man% ser$ ce e3per ences n$l$e nteract n# ! th peple? relat nsh ps Custo'er Re(ationship Manage'ent ,CRM -O$erall prcess * )u ld n# and ma nta n n# pr(ta)le custmer relat nsh ps )% del $er n# super r $alue and sat s*act n-Deals ! th all aspects * ac+u r n#, keep n# and #r! n# custmers Re(ationship .ui(ding .(o&ks/ Custo'er a(ue and Satisa&tion -&ustmer perce $ed $alue  e$aluat n * d erence )et!een )ene(ts and csts-&ustmer sat s*act n  prduct6s perce $ed per*rmance and )u%er6s e3pectat ns Capturing a(ue ro' Custo'ers -&reat n# custmer l%alt% and retent n  del #hted custmers rema n l%al and ! ll tell thers a)ut the r ps t $e e3per ence ! th )rand? ls n# a custmer s ls n# mre than a sale-Gr! n# share * custmer  thru#h $ar et% and crss-sell n# e.#. restaurants !ant share * stmach6 !h lst )anks !ant share * !allet6-'u ld n# custmer e+u t% - the cm) ned d scunted custmer l *et me $alue * all a cmpan%6s current and ptent al custmers-   | MARKETING FOUNDATIONS
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