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Samenvatting - Marketing fundamentals
1.1 The meaning of marketing
What does marketing include?All the activities that bring buyers and sellers together
Name the 4 P's
What is the definition of marketing?Marketing is the process of developing , pricing, Promoting and distributing products, services or ideas that tailored to the market
Instead of trying to find buyers for your products, make sure to develop the right products and strategies for selected customers. Decisions should be based on market analysis
What are the basics of an organisation?Production and marketing
The 4 P's of the marketing mix are:
- Place (Distribution)
- Promotion (Communication)
What is a target market?The part of the market that an organisation concentrates on and wants to turn into customers
1.2 Levels of marketing systems
Name the levels of marketing systems?
What is Macromarketing?As a process that must function effectively for a society as a whole to realise its economic objectives
What is Mesomarketing?Marketing that refers to collaborating organisations in the supply chain
What is Micromarketing?Involving the marketing decisions within the individual company
1.3 Development of the marketing mindset
1900--> Production orientation --> 1950 --> Selling orientation --> Marketing orientation --> Relationship Marketing --> 2000
What is the Production concept?Customers want inexpensive and widely available products
What is the Product concept?Customers want the best products, including all ''Bells and whistles''
What is the selling concept?Customers only buy if they are pressed - With a foot between the door
What is the marketing concept?To get loyal satisfied customers, the target markets needs and wants must be factored into all decisions
What is the Societal marketing concept?Balancing the interests of customers (satisfaction of needs), the company (profits) and society (long-run human welfare)
The focus of the Seller's market?Production and quality
The focus of the Buyers market?Increased sales, market orientation and client relationship
What is relationship marketing?The objective is to cultivate long-term and trusting relationship with loyal customers as well as with suppliers, intermediaries and other stakeholders.
Laatst toegevoegde flashcards
You create a clear, powerful and consistent image for your products - relative to those of competitors - that will occupy a prominent position in the customer's mind
It helps in selecting the best target market
Aiming only at a narrow portion of the market, hoping to gain a high market share and a strong position in that part of the market.
To develop several marketing programmes and aim them at different segments of the market. In that case, we focus on at least 2 market segments.
- Demographic -->> population, households, purchasing
- Economic -->> economy, consumer confidence, competition
- Political-legal -->> regulations, subsidies, laws
- Ecological -->> pollution, government, environtmental movements
- Technological -->> product innovation, timing, technical know-how
- Socio-cultural -->> standard, values, consumerism
Conditions and developments that a company faces as a whole.
- Financial institutions
- the media
- interest groups
Analysing the policies and performance of companies in a strategic group.