COM3701 SUMMARY 2022

COM3701 SUMMARY 2022 1. The Marketing Context 1. Definition of marketing 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’. (American Marketing Association, 2009) Key elements of the 2008 definition of marketing by the American Marketing Association (2009): Activity, processes Marketing is no longer a function – also an educational process Set of institutions Marketing is a science, and educational process and a philosophy, and not just a management system Creating Through creative messages, marketing management must try to change unfavourable conditions in market place into opportunities Communicating Marketing communication must include messages and media about product or service which, must include new media and social media platforms Delivering Marketing must ensure that promises that have been made to customer are kept Exchanging Marketing must persuade customers to buy; to engage in transactions Offerings Marketing must facilitate product, price, distribution and marketing communication, as well as efficient service from people and processes Value for customers, clients, partners, and society at large Customers, clients, partners and society can obtain satisfaction from resources and abilities of organisation Marketing can promote well-being of society in the long term 2. Understanding the relationship marketing perspectives. o Relationship marketing is the commercial activity between economic partners, service providers and consumers aiming to create, maintain and terminate these relationships to achieve mutually beneficial objectives based on profit and trust between these parties. o Purpose of relationship marketing is establish, maintain and enhance relationships with customers and other partners at a profit, so that objectives of parties involved are met. This is achieved by mutual exchange and fulfilment of promises'. o Relationship marketing objectives:  Create, maintain and build existing consumer relations through focused and cost-effective solutions based on consumers’ needs  Expand relationships through existing consumers  Ensure consumers are satisfied by offering collective products and services that address their needs  Offer services at a lower cost by decreasing operational and communication costs through an integrated approach  Enhance corporate brand organisation through strategic and tactical relationship building  Develop or use existing databases to integr