24210 Lecture Notes - Lecture 1: Corporate Social Responsibility, Marketing Mix, Swot Analysis
Document Summary
Marketing definition: the processes for creating, communicating, delivering and exchanging of offerings that have value for customers, clients, partners and society at large. Improved business performance: better profits, sale volumes, market share, return on investment. (firms with market orientation perform better) Marketing drives economic growth and marketers stimulate customer demand. Customer is the heart of the business (preferences continually changing) Marketing evolution: trade product sales market societal market. Marketing exchange: the mutually beneficial transfer of offerings between the buyer and seller. (exchange must meet both parties" expectations - quality, price) Value: a customers overall assessment of the utility of the total offering based on perceptions. (value = quality/price = benefits expected/benefits received) Market: a market is a group of customers with heterogeneous needs and wants. Demographic markets: customers vs consumers (customers purchase for their own or others, clients (customers of the products of not-for-profit organisations, partners (all organisations or individuals involved in exchange process, society (members of the community)
