MARKETING LECTURE 1: THE NATURE OF MARKETING

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What is Marketing?

MARKETING LECTURE 1 OBJECTIVES: wWhat is marketing? wWhat challenges are faced by marketers today? wWhat are the questions marketers need to always be asking themselves? wWhat is the evolution of marketing? wWhy study marketing? .

promote and distribute want-satisfying products to target markets to achieve organisational objectives. . price.WHAT IS MARKETING? Marketing is a total system of business activities designed to plan.

EXERCISE IN CLASS UNPACKING THE DEFINITION OF MARKETING: ‡Identify the core marketing elements from the marketing definition (in the previous slide) which are the marketer¶s job to manage? ‡What are the dangers of not managing these elements? ‡Give an example of a brand that has revised one/more of these elements to ensure success of its brand? .

CHALLENGES FACING MARKETERS ‡Price sensitivity of consumers ‡Convenience mindset in shopping and consumption ‡Growth of product parity ‡Decrease in supplier loyalty ‡High service expectations ‡Low intolerance to bad service ‡Decrease in brand loyalty .

QUESTIONS MARKETERS MUST ANSWER ‡How do we get our brand to be consumed by more people? ‡How do we get our brand to be bought by more people? ‡How can we get consumers to notice our brand over competitor¶s offering? ‡How do we get our customers to keep buying our brand? ‡How do we get these customers to encourage new customers to use our brands? ‡How can we price our products correctly? ‡How can we reward our loyal customers? ‡Are we really satisfying the need of consumers with our product? .

WHY STUDY MARKETING? ‡A business must sell products and services to survive and grow. ‡Marketing is central to business because: It defines what customers want and need It directs the resources of the business to meet these needs . ‡Directly or indirectly marketers help organisations sell their products.

‡Experiential marketing: focuses on a sensorial relationship with its customers ‡And Today? .Oriented Stage: focuses on Manufacturing of a product ‡Sales-oriented stage: focuses on selling a product ‡Marketing-oriented stage: focuses on satisfying the customers¶ needs ‡Relationship marketing: focuses on building long-term bonds with customers.HOW HAS MARKETING EVOLVED? ‡Production.

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