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Marketing Principles Revision Notes

Marketing Principles Revision Notes

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Published by Carol Helen
Revision notes based on the text 'Principles of Marketing' by P Kotler et al.
Revision notes based on the text 'Principles of Marketing' by P Kotler et al.

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Published by: Carol Helen on Nov 09, 2010
Copyright:Attribution Non-commercial

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04/12/2013

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Marketing Principles
General Knowledge:Definition:
An activity, set of institutions and processes for creating, communicating, delivering andexchanging offerings that have value for customers, clients, partners and society at large.
Needs
: States of felt deprivation.
Wants
: The form taken by human needs as they are shaped by culture and individual personality.
Demands
: Human wants that are backed by buying power.
Customer Value
: The difference between the values the customer gains from owning and using aproduct and the costs of obtaining the product.
Customer Satisfaction
: The extent to which a products perceived performance matches a buyersexpectations
.
 
Exchange
: the underlying theory of marketing, and explains why we need to work in order to get thethings we want.
The act of obtaining a desired object from someone by offering something inreturn
Transaction:
A trade between two parties that involves at least two things of value, agreed-uponconditions, a time of agreement and place of agreement.
Relationship marketing:
the process of creating, maintaining and enhancing strong, value-ladenrelationships with customers and other stakeholders
FOUR Ps:
PRODUCT  PRICE  PLACE  PROMOTION
Marketing Challenges in the 21
st
Century:
Marketing accountabilityImplementation of stronger market orientationThe new marketing landscapeGrowth of non-profit marketingRapid GlobalisationInformation Technology and electronic marketingThe changing world economyThe call for ethical behaviour and social responsibility
 
Marke
tin
  ¡  
on
¡  
e
pts:
1.
 
Produ
c
¢  £ 
on: a
v
ailabl
e
¤ 
affordabl
e
produ
c
¢  
s
.
Mgmt
s
tr
esses
in
c
r
e
a
se
d produ
c
tion and
e
ffi
c
i
e
n
cy
.
 2
.
 
Produ
c
t: Empha
s
i
s
on high qualit
y
¤ 
p
e
rforman
ce
and f 
e
atur
es
.
Mgmt
see
¥  
s
to
c
ontinuou
s
l
y
 impro
ve
th
e
produ
c
t
.
 3
.
 
Se
lling:
c
on
s
um
e
r
s
wont pur
c
ha
se
or want a produ
c
t unl
ess
org maximi
ses
 mark
e
ting/promotion
e
ffort
s
 4
.
 
Mark
e
ting: goal
s
d
e
p
e
nd on d
e
t
e
rmining n
ee
d
s
and want
s
in ord
e
r to in
c
r
e
a
se
 
c
u
s
tom
e
r
s
ati
s
fa
c
tion5
.
 
S
o
c
i
e
tal Mark
e
ting: goal
s
d
e
p
e
nd on d
e
t
e
rmining n
ee
d
s
/want
s
in ord
e
r to in
c
r
e
a
se
 
c
u
s
tom
e
r
s
ati
s
fa
c
tion, with a
s
o
c
i
e
t
y
/
c
ommunit
y
outlook:
e
mpha
s
i
s
on
e
n
v
ironm
e
ntal
s
u
s
tainabilit
y
.
 
 
y
 
Marke
tin
¦  §  
r
o
¨  
e
ss
M
od
e
l:
1.
 
U
nd
e
r
s
tand n
ee
d
s
and want
s
 
-
 
©  
ese
ar
c
h th
e
mark
e
t/
c
u
s
tom
e
r
s
/pot
e
ntial
c
u
s
tom
e
r
s
 
-
 
Mgmt of data & mktg info2
.
 
D
es
ign mark
e
ting
s
trat
e
g
y
 
-
 
Se
l
ec
t targ
e
t mark
e
t &
se
gm
e
ntation
-
 
D
ec
id
e
 
v
alu
e
propo
s
ition
 
diff 
e
r
e
ntiation/po
s
itioning3
.
 
I
nt
e
grat
e
d mark
e
ting program
-
 
Produ
c
t/
se
r
v
i
ce
d
es
ign & branding
-
 
Pri
c
ing
-
 
D
i
s
tribution
-
 
Promotion
-
 
E
sse
ntiall
y
4 or 7P
s
.
Oth
e
r P
s
: Pro
cess
, Ph
ys
i
c
al
ev
id
e
n
ce
, P
e
r
s
onn
e
l4
.
 
B
uild profitabl
e
r
e
lation
s
hip
s
 
-
 
©  
M
-
 
Partn
e
r r
e
lation
s
hip
 
Mktg r
e
lation
s
hip
s
 5
.
 
C
aptur
e
Valu
e
 
-
 
C
r
e
at
e
profit
s
, lo
y
alt
y
 
-
 
C
aptur
e
 
c
u
s
tom
e
r lif 
e
tim
e
 
v
alu
e
 
-
 
I
n
c
r
e
a
se
mark
e
t
s
har
e
 

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