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1.1 Define The Role of Marketing in Organisations

Marketing plays an important role in organizations by creating value for customers to gain their satisfaction and loyalty, which leads to profits. It considers the well-being of society. Marketing involves identifying potential customers, creating products of value, determining appropriate prices, distribution channels, and promotional strategies to inform customers and influence their purchasing decisions. The goal is to exchange products for value between buyers and sellers through an integrated marketing mix.

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68 views2 pages

1.1 Define The Role of Marketing in Organisations

Marketing plays an important role in organizations by creating value for customers to gain their satisfaction and loyalty, which leads to profits. It considers the well-being of society. Marketing involves identifying potential customers, creating products of value, determining appropriate prices, distribution channels, and promotional strategies to inform customers and influence their purchasing decisions. The goal is to exchange products for value between buyers and sellers through an integrated marketing mix.

Uploaded by

focuc98
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Assessing the marketplace: Marketing Essentials

1.1 Define the role of marketing in organisations


Creating value through customer satisfaction
Something that satisfies the need, want and demand of customers
o To create satisfied customers
o To gain value
o To make profits
Marketing considers the wellbeing of society as a whole

Marketing is the activity set of institutions and processes for creating,


capturing, communication, delivering and exchanging offerings that have
high value for customers, clients, partners and society at large
Seek out potential customers who have both; interest in the product and
ability to buy it
Marketing is an exchange trade of things of value between the buyer and
seller so that each is better off as a result

Marketing mix (controllable set of decisions/activities that the firm uses to


respond to the wants of its target markets);
o Product goods, services (intangible customer benefits that are
produced by people or machines and cannot be separated from the
producer) or ideas (concepts, opinions and philosophies)
o Price balancing potential buyers belief about its value (money,
time, energy) and sellers ability to achieve reasonable profit
o Place activities necessary to make the product available to the
right customer when that customer wants it
Marketing channel management (supply chain management)
set of approaches and techniques firms employ to
efficiently and effectively integrate their suppliers,
manufacturers, warehouses, stores and other firms involved
in the transaction into a seamless value chain in which
merchandise is produced and distributed in the right
quantities, to the right locations, at the right time, whilst
minimising system-wide costs and satisfying the service
levels required by the customers
o Promotion decisions communicating value, informs, persuades and
reminds potential buyers about a product to influence their opinions
and elicit a response

1.2Explain the concept of value in marketing


Fundamental purpose of marketing is to create value by developing a variety of
offerings including goods, services and ideas, to satisfy customer needs.
1.3Understand why marketing is important, both within and outside the firm

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