Foundations Notes - Essay Example

Market orientation firms have better performance Better profits, sales volume, market share, return on investment Marketing drives economic growth/stimulates consumer demand Every employee is a stakeholder In the success of their organization The Marketing Evolution Changed from: Trade Production orientation Sales orientation (e. G. Black vs.. Blue) Market orientation (I. E. Hat color do you want, and matching the product) Societal market orientation (e. G. To stop consumerism) used by small and large, those selling goods and services, private, public, profit and non-for-profit Marketing Exchange Mutually beneficial transfer of offerings of value between buyer and seller Two or more parties, each with something of value All must benefit Exchange must meet expectations of both parties What is value? A customers overall assessment of the utility of an offering based on perception of what is received and given” Refers to the total offering’ What Is the market? Group of customers with heterogeneous (different) needs and wants (e. G. Geographic, demographic, product markets) Customers Consumers Clients (customers of non-for-profit) Partners (all who are involved In activities of exchange process) Society Individuals, organizations and groups with a rightful interest in the activities of a business Owners

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Employees Customers (and clients) Partners Government Ethics and Corporate Social Responsibility Ethics are a set of moral principles that guide attitudes/behavior Law and regulatory bodies govern the conduct of individuals/organizations Corporate social responsibility are businesses with the obligation to act in the interests of the societies that sustain them Trade Practices Act, ACE The Marketing Mix Set of variables a marketer can exercise control over in creating an offering for exchange ups: Product, Price, Promotion, Place Services Marketing Mix: People, Process, Physical Evidence

The Marketing Mix: Product Product: good/service/idea offered to the market for exchange Demand: want the customer has the ability to satisfy Brand: collection of symbols creating a differentiated image Good: physical offering capable of being delivered Service: intangible offering that does not involve ownership The Marketing Mix: Price Price: amount of money a business demands in exchange for its offering Willingness to pay: prepared to give in return for what they get Must consider: Production, communication and distribution costs Required profitability

Partners’ requirements Competitors prices The Marketing Mix: Place Distribution: making the offering available to the customer at the right time/place Logistics: concerned with supply/transport Supply chain: parties involved in providing all raw materials/services to get product into the market The Marketing Mix: Promotion Promotion: activities that make potential customers/partners/society aware of and attracted to the businesses offering Examples: Advertising Sales promotion Product trials Product may be already established, modified, new, or a form of information/ education.