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Flashcards in Topic 1 Deck (5)
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1

What is marketing ?

- The Activity, set of instructions, and processes for creating, communicating and delivering and exchanging offerings that have value for consumers and society.

(AMA 2013)

2

What is the purpose of marketing?

To contribute to maximising shareholder value and marketing strategies must be evaluated. (Doyle 2008)

3

What is the marketing concept?

Holds that achieving organisational goals depends on deciding the needs and wants of target markets and delivering more efficiently than competitors.
(Kotler 1996)

4

What are the 5 orientations for marketing strategy?

1. PRODUCTION ORIENTATION
* Belief that consumers will favour products that are affordable and available

2. PRODUCT orientation
* Belief that consumers will favour products that are quality

3. SELLING ORIENTATION
* Belief that consumers will not buy sufficient volumes

4. MARKETING ORIENTATION
* Belief that profits flow from customer satisfaction

5. SOCIETAL ORIENTATION
* Belief that marketing decisions should consider society’s long-term interests

5

5 Marketing orientation components?

1. Customer Orientation
• vital to understand customer needs

2. Competitor Orientation
• awareness of the short and long-term

3. Focus on long-term
• profit

4. Interfunctional Coordination
• Using all company resources to create value for target customers

5. Market led Organisational Culture
• must be a central concern for all people in the organisation