Acccounting Reporting

Marketing Principles

Topic 1

* Over the past 100 years marketing has evolved through the following stages:

* Trade

* Production orientation

* Focus: Manufacturing

* Means: mass production

* Goal: Produce all that is possible

* “You can have any colour car you want as long as it’s black.”

* “Make the best product you can and people will buy it. “

* Sales orientation

* Focus: Selling existing products

* Means: Aggressive sales and promotion efforts

* Goal: Maximise sales volume

* “Sell this inventory no matter what it takes.”

* “You don’t like black? I’ll throw in a set of stake knives.”

* Market orientation

* Focus: Actual & potential customer needs and wants

* Means: Customer orientation, profit orientation integrated throughout firm

* Goal: Profits through customer orientation

* “Maybe people don’t want the ‘best’ product. Find out what they do want.”

* “Find out what the customers want before you make the product.”

* Societal market orientation

* Marketing is the business philosophy that centres on the needs of the buyer.

* Marketing is the management process of identifying and satisfying customer needs, (to meet the firms objectives/profitably).

* Marketing is the way in which an organisation matches its own needs and resources with the wants of its customers.

* Marketing mix

* Product

* A ‘product’ in marketing terms is anything offered to a market — ‘a bundle of attributes (features, functions, benefits and uses) that exists for the purpose of exchange to satisfy both customer and organisational objectives’.

* Promotion

* This relates to the activities used to inform individuals or groups about the organisation and its products.

* It can also educate customers about product features, or urge people to...