Tatum Benjamin

• Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

  
• Types of marketing


  • Business-to-consumer
  • Business-to-business
  • Service offering

  
• Target market


  A group of people who a brand would like to attract to its products
• Customer lifecycle


  • Acquisition
  • Conversion
  • Retention
  • Growth
• Value


  The benefit derived from the purchase is more than the cost of the product or service
• Marketing mix


  • Product
  • Price
  • Place
  • Promotion
  • People
  • Process
  • Physical evidence

  
• Wants


  Things consumers desire but are not essential for survival
• Needs


  Things essential for survival and wellbeing
• Maslow's hierarchy of needs

  • Biological and physiological
  • Safety
  • Love and belonging
  • Esteem
  • Self-actualisation

  
• Types of consumer needs

  • Stated needs
  • Real needs
  • Unstated needs
  • Delight needs
  • Secret needs
• Needs


  States of felt deprivation
• Wants


  Shaped by culture and personality
• Demands


  Wants backed by buying power
• Types of needs that guide a consumer's decision-making

  • Stated needs
  • Real needs
  • Unstated needs
  • Delight needs
  • Secret needs

  
• Stated needs


  If a consumer says that they need a certain product
• Real needs


  The 'why' behind a need
• Unstated needs


  After-sales service or warrantees and guarantees that are deemed standard with certain purchases
• Delight needs


  When a consumer expects a discount or a gift when they purchase a certain item
• Secret needs


  Needs that the consumers might not state or realise
• Having needs fulfilled do not come from marketers or social forces; they come from the basic biological and psychological aspects of human existence
• Needs are usually few, and wants are shaped by social influences, consumption behaviour, and history
• Marketing develops or promotes a product or service by simulating a 'want' for a brand that helps customers satisfy their needs
• Marketers can promote the idea that alarm systems will satisfy the need for safety; they do not create the need for safety
• Customers always have a need for convenience, or something that saves time, but cannot necessarily articulate that idea
• A consumer who can afford a product

  Can transform a want into a demand
• Marketing environment

  All factors and forces internal and external to an organisation that affect marketing management's ability to develop and maintain successful transaction with their customers
• Spheres of influence in the marketing environment

  • Internal environment
  • Micro or marketing environment
  • Macro environment
• Internal environment

  • Influences inside the bounds of the organisation, such as staff, assets, policies, logistics, inventory, resources, and capabilities
• Micro or marketing environment

  • The immediate 'reach factors' of the organisation, such as customers, competitors, suppliers, distributors, partners/shareholders, and publics
• Macro environment

  • The wider society over which the organisation has no control, but it influences every other business that the organisation deals with too
• Factors in the STEEPLE/PESTLE analysis

  • Social/cultural
  • Technological
  • Economic
  • Ethical
  • Political
  • Legal
  • Environmental
• The international environment presents various opportunities, such as increased market size, access to technologies and cheaper raw materials from undeveloped or developing countries that need the foreign investment
• Local small businesses are vulnerable to and threatened by large, multi-nationals
• Recent changes in international trade

  • Forced dynamism to succumb to trends of constantly changing environments
  • Shift of power from the West to the East
  • Opening of new markets, such as Eastern Europe
  • Co-operation between countries, due to treaties and international organisations
  • Increase in the privatisation trend of public enterprises
  • Virtual trade missions, lessening international travel
  • Increase in the economic power of some regional blocks
  • External debt problem of certain countries
  • Increase in mergers and acquisitions
  • Geographic market diversification
  • Elastic logistics/flexibility
  • Continuous improvement of technology, communications, transportation and financial transactions
• Developments in local political, economic, social or technological environments can cause ripple effects throughout an increasingly sensitive global society
• World Trade Organization (WTO)


  • The only global international organisation dealing with the rules of trade between nations, with the goal of ensuring that trade flows as smoothly, predictably and freely as possible
• SWOT analysis


  A tool to assess the internal and external environments of a company, as part of a company's strategic planning process
• Elements of a SWOT analysis

  • Strengths
  • Weaknesses
  • Opportunities
  • Threats
• Strengths

  Characteristics of a business that give it certain advantages over its competitors
• Weaknesses


  Characteristics of a business that give it certain disadvantages relative to competitors