Summary Marketing fundamentals

A snapshot of the summary - Marketing fundamentals Author: Bronis Verhage ISBN: 9789001707330

• 1 What is marketing?

• What are external environmental factors?

  Factors that companies can't influence. They must adapt to these trends or events

• What does an environmental analysis entail?

  The monitoring and evaluation of the external environment to determine the source of a company's opportunities and threats

• Which 3 environments influence the external environment?

  - mesoenvironment

  - macroenvironment

• What is the essence of marketing?

  Developing relationships with customers and satisfy their needs, so that both parties achieve their objectives

• What are the 4 types of customer markets?

  - Consumer market:       products or services for individuals, families, households, etc.

  - Industrial market:        goods sold to and purchased by businesses

  - Intermediary market  organisations that buy products and resellt them without any further processing

  - Institutional market:   large-scale users, government agencies and other non-profit organisations

• What are the 4 main public groups?

  • Financial institutions
  • the media
  • government
  • interest groups

• What are the six macroenvironmental factors?  (DE STEP)

  1. Demographic    -->> population, households, purchasing
  2. Economic             -->> economy, consumer confidence, competition
  3. Political-legal      -->> regulations, subsidies, laws
  4. Ecological             -->> pollution, government, environtmental movements
  5. Technological     -->> product innovation, timing, technical know-how
  6. Socio-cultural      -->> standard, values, consumerism

• 1.1 The meaning of marketing

• What is a target market?

  The part of the market that an organisation concentrates on and wants to turn into customers

• 1.2 Levels of marketing systems

• Name the levels of marketing systems?

  • Macromarketing
  • Mesomarketing
  • Micromarketing

• 1.3 Development of the marketing mindset

• What is the Societal marketing concept?

  Balancing the interests of customers (satisfaction of needs), the company (profits) and society (long-run human welfare)