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Block 1; Big Ideas in Organisations (Reading 1; The Marketing Concept…
Block 1; Big Ideas in Organisations
Reading 1;
The Marketing Concept
Defining Marketing
Professional Definition
"Marketing is the management process responsible for identifying anticipating and satisfying customer requirements profitably" - (The Chartered Institute of Marketing, 2015)
"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. - (American Marketing Association 2013)
Academic Definition
"Marketing consists of individual and organization activities that facilitated and expedite satisfying exchange relationships in a dynamic environment through the creation, distribution, promotion and pricing of goods, services and ideas." - (Dibb et al., 2016, P.8
"The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return" - (Kotler and Armstrong, 2016, P. 29)
Key Points (Reading Block 1, P. 10)
A process of activities that make possible an exchange
Something that is offered for exchange - an "offering (which could be a good, a service or idea.)
The provision of value for the parties involved in the exchange for example, profit for organisations and the satisfaction of requirements for customers.)
Marketing Orientations
Marketing Orientations
, as opposed to sales orientation is more customer centric instead of product centric, trying to formulate the product in response to the customer requirements, not vice versa.
The Marketing Function
(Dibb et al., 2016; Jobber and Ellis-Chadwick, 2013; Kotler and Armstrong, 2016),
monitoring and analysing the market and developing trends,
opportunities, threats and competition
determining objectives and strategies in alignment with the
organisation’s mission, vision and values
Identifying the most appropriate consumers to target and ensuring that products and services meet their needs and are suitably positioned in the relevant market
Managing the brands to project a coherent and compelling brand identity that attracts and builds relationships with consumers to secure a strong reputation and consumers goodwill and to guarantee future income and ward off competition
The Marketing Process
Organisation's mission, vision and values
Analysis of the market
Strategy selection
Formulation of the offering
Implementation, monitoring and evaluation
Mission, Vision and Values
(Mission statements)
*A successful mission statement will pass the following siz tests (Wilson and Gilligan, 2005, P. 280)
Be specific enough to guide staff's behaviour
be based on fulfilling customers ' needs and satisfaction rather than on the products characteristics
encapsulate the organisations key skills
Signal opportunities and threats
Be achievable
be adaptable
A Mission statement needs to take into account;
(Wilson and Gilligan, 2005, pp. 281-282)
The organisation's heritage: its performance record and ownership history
its leaders' values, preferences and expectations
environmental factors, particularly opportunities and threats
Available resources
distinctive competencies
Value definition
A value has been defined as "an enduring belief that a specific mode of conduct or end-state of existence is personally or socially preferable to an opposite or converse mode of conduct or end-state of existence " (Rockeach, 1973, P. 5)
In the context of marketing, an organisations or brands values effectively state: "this is what we believe in and this is how we think our business should be conducted" (Harris, 2002, p. 28)
Customer value definition; The AMA Dictionary (n.d.) defined customer value propositions as "The sum total of benefits a customer is promised to receive in return for his or her patronage and the associated payment (or other value transfer)"
Organisational opportunities and resources (Block 1; P. 14)
Strategic Window
Organisational competencies
Key market requirements
SWOT
"Assessing organisational opportunities and resources involves three considerations (Dibb, et al., 2016, p. 46)
Evaluating marketing opportunities
environmental scanning
understanding the organisation's capabilities and assets.
Readin 2; Marketing Environment
Competitive Strategy
Ansoff growth model matrix P.27
Macro / external Environment.
STEEPLE* / PESTLE
Social
Technological
Economic
Environmental
Political
Legal
*Ethical
Micro / Key stakeholders
Customers (Kotler and Armstrong (2016)
Consumer Markets
Business Markets
Reseller Markets
Government Markets
*International Markets (can be any of the other four.)
competitors
Competitive advantage
Competitive position and differential advantage (P.26)
Public (P.19 paragraph 2)
Suppliers
Marketing
Reading 3; Marketing Research
Ethics (P. 35)
Applications / Roles (P. 30-32)
Process stages / 'Steps' (p. 32)
1) Research Planning
2) Exploratory Research
3) Refining the research design
4) main research collection (P. 33 table 1)
Data collection
Quantitative / Qualitative
Organisational Records
Marketing Records
Primary
Secondary
Marketing Intelligence
5) Analysis and Interpretation
6) Reporting of findings