MKC1200 Study Guide - Final Guide: Marketing Week, Market Orientation, Marketing
8 Aug 2018
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Definition of marketing: the activity, set of instructions and processes for, creating, communicating, delivering and, exchanging offerings that have value for, customers, clients, partners and society at large. The exchange process whereby two or more parties give something of value to each other in order to satisfy perceived needs. Subsistence economies transitioned into trading economies because of surplus production, when supply became greater than demand. As exchange systems and technology became more sophisticated, marketing systems became more sophisticated. Standardising processes to make things as available and as cheap as possible. Competition increased and consumers didn"t buy everything that was produced. Focused on using aggressive selling techniques, advertising and one-to-one selling. Determining what the customer wants and making products so suit this. The customer needs to be involved in the process/service. Utilise communication, particularly social media, to engage with customers at all stages of the marketing process.
