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Understanding Marketing Fundamentals

Marketing involves business practices to build customer relationships by presenting products and services in a way that creates value for both buyers and sellers. Value is defined as all benefits received versus all costs incurred. The four aspects of a marketing mix are product, price, place, and promotion. Marketing can be performed by individuals, businesses, or organizations and occurs through business-to-business, business-to-consumer, and consumer-to-consumer exchanges.

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8 views3 pages

Understanding Marketing Fundamentals

Marketing involves business practices to build customer relationships by presenting products and services in a way that creates value for both buyers and sellers. Value is defined as all benefits received versus all costs incurred. The four aspects of a marketing mix are product, price, place, and promotion. Marketing can be performed by individuals, businesses, or organizations and occurs through business-to-business, business-to-consumer, and consumer-to-consumer exchanges.

Uploaded by

melody
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Chapter 1

What is marketing?
• Marketing is a set of business practices designed to plan for and
present an organization's products of services in ways that build
effective customer relationships
What is value?
Value = all benefit you received / all costs you incurred

Need: basic necessaries


Want: how to fulfill that need

Exchange - the trade of things of value between the buyer and the seller so
that each is better off as a result 双方都达到满意

Marketing mix: 4P’s


Product: creating value
Goods, services, ideas

Price: transacting value

Place: delivering value

Promotion: communication value


The communication activities of marketing.
Used to inform, persuade, and remind potential customers.
Used to influence their opinions or elicit a response（引起回应）
Marketing can be performed by both individuals and organizations
B2B : Wholesaling is often only business to business
B2C: all retailing is business to customer selling
C2C: swap meets, ebay, yard sales, etc

Core aspect of marketing: 总结

The four orientations of marketing:


Product orientation: Product-oriented companies focus on developing and
distributing innovative products with little concern about whether the products
best satisfy customers' needs

Sales Orientation: view marketing as a selling function where companies try to


sell as many of their products as possible rather than making products
consumers really want.

Market orientation: Market oriented companies start out by focusing on what


consumers want and need before they design, make or attempt to sell their
products and services
Value-based orientation: to complete successful, firms focus on the triple bottom line
People (consumer wants & needs)
Profits (long-term profitable relationships)
Planet (social and environmental responsibility

How do firms become more value driven?


Firms focus on four activities:
Sharing information
Balance customers benefits & costs
Build relationships with customers
Use technology to connect with customers

Marketing expands firm’s global presence


Goods are available to consumers from many countries from the far reach of the globe
Must understand customers wants& needs
Segment by segment , region by region

Marketing is pervasive across channel members


Each step in the supply chain involves marketing
All members in the chains must ultimately focus on creating value for their customer and the end
user customer.

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