MKTG1203 Lecture 1: Lecture 1 Notes
Document Summary
If we meet the needs of the consumer better than anyone else, we will be successful. Overview of marketing: define the role of marketing in organisations, describe how marketers create value, understand why marketing is important both within and outside the firm. First thoughts: what comes to mind when you think of marketing, advertising, customer demand, supply of goods, branding, competition, selling, operation, rewards, promotion, relationships. What is marketing: marketing is the activity, set of institutions and processes for creating, capturing, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large, satisfy customers" needs and wants. What does this mean: marketing is not a random activity, firms assess their market position and decide on their marketing strategy. Can be done in terms of gender, what someone wants to achieve (d,hd) as opposed to (p,cr) Marketing requires product, price, place and promotion: promotion communicating value, product creating value, place delivering value, price capturing value.
