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1.1. Understanding the importance of marketingUnderstanding the importance of marketing

2.2. Understand its relevance to all types of Understand its relevance to all types of organizationorganization

3.3. Be aware of the key elements of marketing Be aware of the key elements of marketing

4.4. Have an overview of what marketing involvesHave an overview of what marketing involves

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All of the above, plus much more!

Personal Selling?

Advertising?

Making products available in stores?

Maintaining inventories?

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Marketing

Consumer

Competitors

Co-ordination

Capabilities

Performance

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Know about your customers.

Consumers’ need and want must guide an organization.

Products should match consumers needs and must guide an organization.

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To find out what consumers want and supply product that precisely match those needs.

Analyzing consumers needs, evaluating the organization capacity to meet those needs.

To give competitive edge

To consider how well their product or service performs relative to the Competition in addition to how well it meet the customers need.

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It ensures that there are good link between different functions within a business.

Customers come to contact with range of staff.

Market activities and market awareness guide an organization over time.

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Help to increase sales and profit.

Revenue generated would cover additional cost and increase profit.

Focusing attention on the products

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Develop an appropriate marketing strategy and mix.

End Customers

Organizational customers

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Price

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Promotion

Place

Product

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Product

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• The starting point of the “4 Ps”

• Includes physical unit, package, warranty, service, brand, image, and value

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Place

• Product availability where and when customers want them.

• Involves all activities from raw materials to finished products

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Promotion

• Role is to bring about exchanges with target markets

• Includes integration of personal selling, advertising, sales promotion, and public relations

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Price

• The most flexible of the “4 Ps”

• Price X Units Sold = Total Revenue

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production Concept

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Product concept

Selling concept

Societal marketing concept

Marketing concept

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Product ion concept

Mass production and low cost are key to business success.

Effective under the conditions of excess demand.

Consumers are interested in wide availability and low price.

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Product concept

A research and development driven approach to business.

Emphasizes getting the best product

May be effective in small, specialist niche market.

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Selling concept

Depend on selling those products actively and aggressively to the customer.

Provide basis for success.

Interested in organization product but will not actively seek to make purchase.

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The marketing concept

Based on consumer sovereignty and presumption of demand pull.

Consider the marketing concept as a simple alternative.

Concentrating on low cots, mass production may be appropriate.

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The societal marketing concept

Essentially a development of the traditional approach.

Demands that organizations behave in a socially responsible manner.

Reward will be inform of improved long term profitability.


Planning

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The marketing mix

Information


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Planning

Providing a systematic frame work for the organization marketing activities.Establishes target.Provides a frame work for monitoring and controlling marketing activities


Price

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Promotion

Place

Product

The Four Ps


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InformationHelp to support decision making.To monitor how well campaign is working.Identify any changes that needs to be made.

chapter 1

Economy & Finance