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The document discusses the fundamental principles of marketing, including definitions of marketing and target markets. It covers the marketing mix, organizational objectives, the scope and evolution of marketing, and the marketing concept, including its pillars and broadening over time.

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Tshinaki Makhado
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57 views12 pages

Class Notes

The document discusses the fundamental principles of marketing, including definitions of marketing and target markets. It covers the marketing mix, organizational objectives, the scope and evolution of marketing, and the marketing concept, including its pillars and broadening over time.

Uploaded by

Tshinaki Makhado
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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MARKETING

MANAGEMENT N4

Week 1

FUNDAMENTAL PRINCIPLES OF
MARKETING
WHAT IS MARKETING
‘Marketing is the process of planning and executing
the conception, pricing, marketing communication and
distribution of ideas, products and services to create
exchanges that satisfy individual and organizational goals”
The main purpose of most organizations
Sustainability
Growth
Sell products at a profit .
Select a target market
What is a target market?
A group of consumers with the same needs at whom an organization
aims its market offering.
The market offering or marketing mix
consist of:
A need- satisfying product
With a price that is right for the target market
Available at a place that is within reach of the target market
Supported by a promotion campaign that is aimed at the target
market.
Marketing at an early age can be described
as :
Anticipation
Satisfaction
Management of demand
By means of the exchange process
In order to achieve organisational objectives
ORGANISATIONAL OBJECTIVES
Is mainly to make a profit.
The organization must keep its customers happy so that they will
return for repeat purchases.
THE SCOPE OF MARKETING
INCLUDES TEN TYPES OF ENTITIES
Goods – tangible items such as cars, toys, equipment, food, clothes, etc.
Services – intangibles such as hairdressers, taxis, lawyers, doctors, etc.
Experiences -climbing Kilimanjaro and jumping bridges etc.
Events – Comrades’ marathon, soccer world cup, etc.Persons – Jay Z,
Beyoncé, etc.
Places – Cape Town, Paris, New York, etc.
Properties – houses, business premises, etc.
Organisations – FNB, ABSA, Old Mutual, etc.Information - business
courses, etc.
Ideas – ‘arrive alive’,’ be wise condomise’, ‘don’t do drugs, etc.
EVOLUTION OF MARKETING

• Production orientation - focus on internal capabilities of the business, does not consider if the
product meets the need of the marketplace

Sales orientation – focus on aggressive sales techniques, either to consumers or to


• intermediaries; can convince people to buy what they don’t want or need
• Marketing orientation – focus on consumer needs and the building of customer relations by
• adding value to their products.

Strategic marketing phase - focus on long term relationships with customers.

• - By constantly exploring the environment, marketing management can


concentrate on the
• identification of opportunities and threats.
MARKETING CONCEPT
The traditional marketing concept is based on four principles or pillars:
Profit orientation (objective orientation) – Profit seeking enterprises
focus on a long term
rate of return on total assets rather than taking a short-term approach.
Non-profit-seeking
organisations focus on effective, efficient use of resources and cost
reduction.
Customer orientation – aims at satisfying consumer wants and needs
Organisational integration (systems orientation) – all divisions or
departments must work together to achieve the organisation’s goals.
MERITS AND ACCEPTANCE OF THE
MARKETING CONCEPT
THREE PROBLEMS MUST BE OVERCOME:
Organized resistance
Slow learning processes
Forgetting important reasons
THE BROADENING CONCEPT OF
MARKETING
The marketing concept was broadened in two ways:
Nonprofit organizations
From the original three pillars to also include social responsibility
pillar.

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