Deakin

Semester 2, 2014


Marketing Foundations - Chapters 1-7 Summaries

40 pages

11,749 words

$29.00

Description

CHAPTER ONE
WHAT IS MARKETING

• The activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society
o The adoption of a way of doing business that puts the market at the heart of decisions
o Developing a good, service or idea that is promoted and distributed to customers in the right place at the right time
o A mutually beneficial exchange
o Individuals and organizations that benefit from the products of businesses and/or not-for-profit organizations
o Individuals and organizations that are part of the marketers supply chain
o The creation of employment wealth and social welfare
THE MARKETING APPROACH TO BUSINESS

• Putting customer, client, partner and society at the heart of all business decisions
THE EXCHANGE OF VALUE

• Successful exchange must satisfy
o Two or more parties must participate, each with something of value desired by the other party
o All parties must benefit from the transaction
o The exchange must meet both parties’ expectations (quality, price)
• Both parties need to feel the exchange will leave them better off therefore – exchange is a value creating process because it leaves both parties better off
• Value is a customer’s overall assessment of the utility of an offering based on perceptions of what is received and what is given
o In other words the benefits a customer receives from

Author

Shonie

Campus

UNSW, Kensington

Member since

February 2014