MARKETING MIX
UNIT 1: INTRODUCTION TO MARKETING
DATE: 02 MARCH 2024
FACILITATOR: BRAMWELL GAVAZA
PRESCRIBED/RECOMMENDED READING
Prescribed Textbook
Kotler, P. and Armstrong, G. (2023) Principles of Marketing.
Global Edition. Nineteenth Edition. Pearson.
Recommended Reading
Kotler, P. and Armstrong, G. (2023) Marketing: An
Introduction. Global Edition, Fifteenth Edition. Pearson.
UNIT 1: INTRODUCTION TO MARKETING
UNIT LEARNING OUTCOMES
After studying this Unit you should be able to:
• Define Marketing
• Explain The Role of Needs and Wants in Marketing
• Describe Concepts Used in Marketing Such as Demands,
Marketing Offers, Value, Exchanges and Markets.
• Outline The Sphere of Responsibility of Marketing Management.
• Explain The Various Marketing Management Philosophies .
INTRODUCTION
• Define Marketing
• The Role of Needs and Wants in Marketing
• Describe Concepts Used in Marketing Such as Demands,
Marketing Offers, Value, Exchanges and Markets.
• The Sphere of Responsibility of Marketing Management.
• The Various Marketing Management Philosophies.
DEFINE MARKETING
• Consists of management tasks and decisions directed at successfully
meeting opportunities and threats in a dynamic environment, by effectively
developing and transferring a need-satisfying market offering to
consumers, in such a way that the objectives of the business, the
consumer and society will be achieved.
• Marketing is the management process responsible for identifying,
anticipating and satisfying customer requirements profitably.”
• Kotler and Armstrong (2010:28) defines marketing as “the process by
which companies create value for customers and build strong customer
relationships in order to capture value from customers in return”.
THE ROLE OF NEEDS AND WANTS IN MARKETING
According to Kotler and Armstrong (2012:30) human needs are
the most basic concept that underpins marketing.
Needs
• Physical needs (e.g. need for food, clothing and safety).
• Social needs (e.g. the need to be loved and accepted by
others).
• individual needs for knowledge and to be able to express
oneself.
Wants
• Culture
• Personality
CONCEPTS USED IN MARKETING SUCH AS DEMANDS, MARKETING OFFERS, VALUE,
EXCHANGES AND MARKETS
• When wants are backed by buying power, they become demands. Since
people have unlimited wants but limited income, they will demand products
whose benefits result in the greatest satisfaction.
• Marketing offers
• Products, Services and Experiences
• Customer value and satisfaction
• Customer satisfaction is dependent upon the value delivered by the product performance
compared to the buyer’s expectations.
• Kotler and Armstrong (2012:31) define customer value as the difference between the
values the customer gains from owning and using a product and the costs of obtaining the
product.
• Exchanges and relationships
• Marketing occurs when people decide to satisfy their needs and wants
by means of exchange relationships (Kotler and Armstrong, 2012:31).
• Markets
• Kotler and Armstrong (2012:31) describe a market as “the set of actual
and potential buyers of a product”.
THE SPHERE OF RESPONSIBILITY OF MARKETING MANAGEMENT
Kotler and Armstrong (2012:31) consider the responsibility of marketing
management to revolve around understanding the marketplace and customer
needs, designing a customer-driven marketing strategy, preparing a marketing
plan and program and fourthly building customer relationships.
Blythe (2006:13) sees the responsibility of marketing management as “the
handling of specific aspects of the marketing function. These aspects are
known collectively as the marketing mix.”
Product
Price
Place
Promotion
People
Process
Physical evidence
THE VARIOUS MARKETING MANAGEMENT PHILOSOPHIES
• The philosophies that have guided marketing
efforts over the years have evolved from the
production concept to the marketing concept.
• The production concept
• The product concept
• The selling concept
• The marketing concept
• The societal marketing concept
SUMMARY
• Define Marketing
• The Role of Needs and Wants in Marketing
• Describe Concepts Used in Marketing Such as Demands,
Marketing Offers, Value, Exchanges and Markets.
• The Sphere of Responsibility of Marketing Management.
• The Various Marketing Management Philosophies.
