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2:0:0 Marketing Theory [section preview]

In this module we explore the key concepts that are central to the language of marketing practitioners. Introduce the 3 mega-marketing concepts [the buyer decision process, the total product, and the circle of satisfaction], and the hierarchy and relationships between the 3 mega-marketing concepts. Some concepts may require students to read and read the e-book as the academic meanings attributed to terms often differs to our day to day use.

2:1:0 The buyer decison process

In this module we explore the buyer decision process – the first of our mega-marketing concepts; the buyer decision process is about the decisions that consumers/customers make throughout the buying and consumption process – it is a journey. The process will vary from simple to complex and is influenced by the situational factors – the customer, the organisation, the market, and the product [COMP factors]. As you progress through the 3 mega-marketing concepts it will become apparent that the total product and the circle of satisfaction are, linked to the buyer decision process.

2:2:0 The total product

In this module we introduce the 3 chapters of the total product – product considerations, product layers & product components. Whilst the first time zone of the buyer decision process was directed towards a consumer perspective the total product is directed towards the construction of the product from the organisation’s perspective.

2:3:0 The circle of satisfaction

In this module we discuss how satisfaction is estimated, assessed, and evaluated and how episodes of satisfaction may lead to cumulative satisfaction, aggregate satisfaction and collective satisfaction and how this may lead to trust, loyal behaviour, a competitive advantage, increased profitability, and ultimately organisational satisfaction. In doing so the circle of satisfaction is an extended view of the marketing concept.

2:4: Section 2 review

In this review of section 1 & 2 we discuss a marketing philosophy and marketing theory – we provide a brief explanation and synthesise the key elements. Note, it is important to self audit your learning and revise where needed.