Flashcards in Topic 1 Deck (5)
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.
What is the purpose of marketing?
To contribute to maximising shareholder value and marketing strategies must be evaluated. (Doyle 2008)
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.
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