Marketing Exam Notes Essay

1. Needs/Wants/Demands
Needs are states of felt deprivation
Wants are the form needs take as they are shaped by culture and personality
Demands are wants that are backed by buying power
It is the responsibility of the marketing department of every company to understand its customers’ needs, wants and demands, and the most successful companies are usually the ones that do this the best. 2. Marketing concepts
Marketing Management wants to design strategies that will result in profitable relationships with the organization’s customers. There are five commonly used marketing management philosophies or “concepts” that guide an organizations thinking in this area.
The Production Concept – the idea that the customers will favour products that are widely, easily, and inexpensively available, and that therefore the proper focus of marketing management is to improve production and distribution efficiency
The Selling Concept – the idea that customers need to be persuaded into buying anything and that therefore the proper focus of marketing management is to directly help and support the sales team.
The Product Concept – The idea that customers will favour the best products, and that therefore the proper focus of marketing management is to design and develop superior products.
The Marketing Concept – The idea that customers will favour products that best serve their needs, and that therefore the proper focus of marketing management is to understand the needs and wants of the target market. Marketing managers who follow the marketing concept believe their job is not to find the right customers for the product, but to find the right products for the customers. The marketing concept starts with a defined market, focuses on customer needs, and integrates all the marketing activities that affect customers. In turn it yields profits by creating long term customer relationships with the right customers based on value and satisfaction
The Societal Marketing Concept – the idea that customers will favour products offered by companies that care about society, and that therefore the proper focus of marketing management is to serve customers while also, in some way serving society. The three considerations underlying the societal marketing concept are: Society (human welfare), Customers (want satisfaction), and Company (profits). 3. Strategic Planning
Strategic Planning – is the management task and ongoing process of developing and maintaining a strategic fit between an organizations goals and capabilities in the face of an always changing market landscape.
Steps in Strategic Planning:
(Corporate Level) Defining the company mission Setting company objectives and goals designing the business portfolio (Business unit, product and market level) Planning marketing and other functional strategies
Defining the company mission – a mission statement is a statement of the organization’s purpose – what it wants to accomplish in the larger environment. A clear mission statement acts as an invisible hand that guides the organization and includes a brief description of the main purpose of the organization, a list of the core values the organization believes in, and an articulation of the goals it intends to pursue. 4. Strategic Business Unit
A major activity in strategic planning is business portfolio analysis, whereby management evaluates the products and businesses that make up the company. Management’s first step is to identify the key businesses that make up the company. Strategic business units (SBU) are a unit of the company that has a separate mission and objectives and that can be planning independently from other company businesses. The purpose of strategic planning is to find ways in which the company can best use its strengths to take advantage of the market opportunities as they develop and change.
Example: The Boston Consulting Groups Growth Share Matrix which illustrates the relationship between how a company’s

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