24108 Final: Marketing Foundations 24108
Document Summary
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. Over the past 100 years, marketing has evolved through the following stages: Trade exchange of what one had for what one wanted. Product orientation customers bought what was produced late 1800s to early 1900s. Sales orientation advertising and sales assistants (increasing competition) 1930s. Market orientation market research, products responded to customers needs and wants (more competition) mid to late 1900s. Societal market orientation places customer, client and partner at the center of business decisions e. g. reusable bags now. Marketers need to learn what customers, clients, partners and society want. This is ongoing customer preferences continually evolve. Marketers use information to maintain their understanding. Marketers are creative to develop new ideas. The best marketers offer something that is unique or special to consumers.
