Week 7 Test Notes
Marketing
Performance of activities that seek to accomplish organisations’ objectives’ by anticipating customer
needs and creating satisfying goods or services.
Not just selling and advertising. There needs to be research into what a market wants or needs,
where they want it, how much they are willing to pay for it and analysing how competitors are
attempting to meet such needs.
Customers are at the core; not the product.
Marketing is not just about a business and customer; marketing is internal as well as external.
Therefore a firm must market its total product to its staff before staff can market interactively with
customers.
Marketing Domains
Where marketing takes place
Industry communicates total product through marketing. The market provides the industry
information via the industries market research. The market obtains goods/services in exchange for
money.
Consumer markets, B2B markets, non-for profit markets or government markets.
The ‘Total Product’
The substance – the ‘core’ product
The Service – interactive marketing, delivery, instillation, post purchase issues
The symbol – branding, external marketing
The price
Customer value – how much the total product benefits consumers over competition in relation to
cost. If a customer places more weight on the total product than the price, they will buy it.
Different values:
oPrice value – products cheaper than competitors thus influencing buying decision.
e.g. Ryanair, Aldi
oPerformance value – products better quality
e.g. Dyson
oEmotional value – differentiation, reputation, branding, nostalgia
e.g. designer brands, fairy liquid, coca cola
