You are on page 1of 4

Ch.

1 Role of marketing (A) Definition Marketing: activities of satisfying cutomers¶needs profitably Process that individuals and groups obtain what they need and want through creating and exchanging value with others. Needs: states where an individual realizes his lack of something Wants: particular ways which an individual prefers to satisfy his needs Customer satisfaction: a measure of how a product or service supplied by a company meets or exceeds customers¶ expectation Marketing concept: the identification of the target market¶s needs and wants, and a better delivery of the desired satisfaction than its competitor Societal marketing concept: a company not only needs to focus on corporate profits and customer needs, but also on the well-being of society Target market: group of customers sharing similar needs and wants that the company decides to serve Market segment: a sub-group of customers who share patterns of buying behavior Customer-oriented: company should focus on offering customers what they really need and want Market leader: company with the highest market share in the relevant market Market challenger: company with a lower market share than the market leader Market nicher: a small company that specializes in serving one or a few small market segments Market follower: a company that is satisfied with its existing market share and just follows what other major players are doing

Marketing concept - Assume customer aren¶t price-or-quality-driven look for right product/service (i) Identify the needs and wants of target market (ii)Deliver the satisfaction desired better than its competitors Social Marketing concept -maintain or improve society¶s well-being eg: electricity company use less polluting fuels

where and how to sell the products and prices -spend more effort in finding out the preferences and requirements 3.(B) Importance 1. Developing marketing strategies -maintain and enhance the company¶s competitive position in the market (i) leader . Conducting SWOT analysis -make use of internal strengthe to capitalize on marketing opportunities 3. Review current performance -asses current competitive position and compare against major competitor eg: review of marketing and financial performance 2. develop strategies to compete with other companies 4. Setting marketing objectives(SMART) -objectives in marketing performance: sales revenue. Researching and selecting target markets -choose market segment market research 5. determine what to produce. find out what customers need and how to satisfy their needs -motivate company conduct more marketing research 2. cash flow 4. market share -objectives in financial performance: return of investment. generate revenue for the company -satisfied customers=source of revenue (C) Practice Individual Patients Cost and benefits Insurance premiums Insurance coverage Volunteers time and help satisfaction from community service Voluntary body Organization Insurance company (D) Marketing process 1.

Controlling marketing activities .-expand total market increase customer -protect current market share: adjust marketing mix -increase market share: product extension (ii)challenger -attack the market leader (eg: circle K) -attack other weaker competitors (iii) follower -launch products that are similar to leading brand satisfied with present performance & don¶t have resources to pursue aggressive expansion (iv)nicher -too small to attract lager competitor 6. Implementing marketing activities -soundness of the marketing plan -availability of the required resources -leadership skills of the marketing manager 3. Organizing marketing activities -functional organization -geographical organization -product organization -market-management organization Factors: -size of company -types of product or service offered by the company -types of customers -geographic coverage of the company 2. Formulating a marketing plan -marketing expenditures preparation of marketing budget -marketing mix: 4P (E) Managing planned marketing activities 1.

-set performances measure actual performance compare it against target standard take corrective actions .