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Week 1: Introduction to Marketing (Alternative Marketing philosophies (The…
Week 1: Introduction to Marketing
Definitions
Marketing is a human activity directed at satisfying needs and wants through exchange process
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Marketing creates value for both the customers and the organization
Alternative Marketing philosophies
The production philosophy: focus on manufacturing efficiency
The product philosophy: focus on product design
The selling philosophy: focus on persuading people to buy
The marketing philosophy: focus on the customer - provide what they want
The societal marketing philosophy: focus on impact on all stakeholders, company, customer, society
Marketing philosophy or marketing concept
achieving organisational goals depends on determining the needs and wants of target markets, and delivering the desired satisfactions more effectively and efficiently than competitors
A corporate state of mind that insists on the integration and coordination of all of the marketing functions which, in turn, are melded with all other corporate functions, for the basic objective of producing maximum long-range corporate profits
Customer Value: from a customer's perspective, customer value is what they 'get' (benefits) relative to what they 'give up' (costs or sacrifices)
Functional/instrumental
Correct/accurate attributes
Appropriate performance
Appropriate outcomes
Experiential/Hedonic
Sensory
Emotional
Social/Relational
Symbolic/expressive
Self identity/worth
Personal meaning
Self expression
Social Meaning
Conditional Meaning
Cost/sacrifice
Economic
Psychological
Personal investment
Risk