BSB126 Lecture Notes - Lecture 1: History Of Marketing, Voice Of The Customer, Customer Relationship Management
An Introduction to Marketing
Marketing focuses on the needs and wants of a customer and how companies design,
communicate and deliver value.
According to Dhruv Grewal in Marketing (2017), marketing is “the activity, set of
institutions and processes fro creating, capturing, communicating, delivering and
exchanging offerings that have value to customers, clients, partners and society at
large” (p.4).
Marketing aims to influence what products we buy as consumers. These products can
include:
• Goods
• Services
• Ideas
Understanding the Marketplace and Customer Needs
Consumer needs:
• Physical – food and water, clothing, shelter and sense of safety
• Social – belonging to family and/or social groups, affection
• Individual – knowledge and information, self-expression
Consumer wants are formed when needs are shaped by surrounding culture and the
personality of the individual.
Demands are consumer wants that are backed by buying power.
Marketing Variables
The 4 or 5 Ps is a common marketing element used to help you think and analyse your
business strategically. These Ps include:
• Product
• Price
• Place
• Promotion
• People
Other variables used in analysing your business can include:
• Time
• And processes
What is Product Orientation and What Are its Implications?
Product orientation assumes that consumers will buy their product, good or service if
it is readily available and has a decent price tag. It is also presumed that customers
favour products that offer the most quality for the price and that they will be willing
to spend more for innovation and quality. It is a technique used to focus on production
efficiency and when demand is greater than supply.
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