MGMA01H3 Study Guide - Final Guide: History Of Marketing, Marketing, Sales Promotion
Document Summary
Essence of marketing is a transaction, an exchange, intended to satisfy human needs between two partners. Four factors essential for marketing: two or more parties (individuals or organizations) with unsatisfied needs, a desire and ability on their part to be satisfied, a way for the parties to communicate, and transact, something to exchange. Lec 02 ---- part one - different orientations to marketing. 4 types of orientations: production orientation, product orientation, sales orientation, marketing orientation. Focus on operational efficiencies and cost reduction. Focus on design features and product excellence. Company is centered on selling efficiency rather than the need and want for consumers. Organizations can provide products and services that satisfy these needs at a profit. Focus is on providing value" to the customer. Delivering the desired satisfactions better than competitors do. Organization structure: by product/process or by customers. In the drugstore we sell hope. - charles. Customer value: net benefit from purchasing and consuming a product or a service.
