Marketing is defined in many different ways. It depends on how marketing is looked upon and the aspects in which it is thought to be made up of. Wikipedia define marketing as “a societal process that is needed to discern consumers’ wants; focusing on a product /service to those wants, and to mould the consumer toward the product / service….Marketing tends to be seen as a creative industry, which includes advertising, distribution and selling. It is also concerned with anticipating the customers’
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https://www.boundless.com/marketing/ marketing book link macro-environment (noun) DEFINITION OF MACRO-ENVIRONMENT Larger societal forces that affect the micro-environment. EXAMPLES OF MACRO-ENVIRONMENT IN THE FOLLOWING TOPICS: Scanning and Analysis All organizations should continuously appraise their situation and adjust their strategy to adapt to the environment. One technique used by organizations to monitor the environment is known as environmental scanning. It allows marketers to understand
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CASE STUDY 1 KEY POINTS * Leading manufacturer in Australia’s branded frozen food industry. * Largest Pie Company in Australia * Industry : Frozen Food Industry (frozen savoury, desert and fruit products) * Australian based company with headquarters and production facilities are in Bairnsdale. * 1% sales from exports (US), looking to expand (Market & Products) to Asia with halal products INDUSTRY VALUE CHAIN * PFL does not sell directly to consumers, sells to retailers
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Describe the elements of a company’s marketing environment and why marketers play a critical role in tracking environmental trends and spotting opportunities. The marketing environment surrounds and impacts upon the organization. There are three key elements to the marketing environment which are the internal environment, the microenvironment and the macroenvironment .Marketers build both internal and external relationships. Marketers aim to deliver value to satisfied customers, so we need to
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Agenda • • • • • • • What is marketing Evolution of Marketing Marketing philosophies Scope of marketing The concept of exchange The concept of value The need to study Marketing Marketing at its very core is the Process through which VALUE is exchanged The official definition Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
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problems that might arise in a business setting, and special duties or obligations that arise during the course of commerce In a market economy, a business may be expected to act in what it believes to be its own best interest. The purpose of marketing is to create a competitive advantage. An organization achieves an advantage when it does a better job than its competitors at satisfying the product and service requirements of its target markets. Those organizations that develop a competitive advantage
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DEFINITION OF MARKETING ENVIRONMENT. Marketing environment are those are external and internal environment forces which influence the performance of an organization towards customer satisfaction. External Environment * Includes the competition, other rivals, the market conditions, customer's tastes and preferences. The list goes bigger than that. Anything can be included under competition. The existing rivals, the possible rivals, the product group rivals, and alternative products to satisfy
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Principles of Marketing Long Exam No. 1 Review Guide CHAPTER I : Marketing: Creating and Capturing Customer Value 1. What is Marketing? 2. The Marketing Process a. Understanding the marketplace i. Customer Needs, Wants, Demands ii. Market Offerings iii. Marketing Myopia iv. Markets b. Designing a customer-driven marketing strategy v. Marketing Management vi. Market Segmentation vii. Target Marketing viii.
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launched a new cellphone with a marketing program that beat Apple’s iPhone. The program created awareness and hype for the new products and encouraged consumers to gather information and buy the product. All elements of the marketing mix – product, price, place and promotion were carefully crafted to meet consumer’s needs and appeal to the target audience. Marketing success is understanding consumer needs and delivering on those needs. * * The Essence of Marketing * Focusing on consumers
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DEFINING THE MARKETING FOR THE 21ST CENTURY 1 C H A P T E R _________________________________________________________________________ INTRODUCTION Change is occurring at an accelerating rate; today is not like yesterday, and tomorrow will be different from today. Continuing today’s strategy is risky; so is turning to a new strategy. Therefore, tomorrow’s successful companies will have to heed three certainties: ➤ Global forces will continue to affect everyone’s business and personal
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