1Define the term "marketing"
Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
2Describe four marketing management philosophies
Four competing philosophies strongly influence the role of marketing and marketing activities within an organization. These philosophies are commonly referred to as production, sales, marketing, and societal marketing orientations. The production orientation focuses on internal efficiency to achieve lower prices for consumers. It assumes that price is the critical variable in the purchase decision. A sales orientation assumes that buyers resist purchasing items that are not essential and that consumers must be persuaded to buy. The marketing orientation is based on an understanding that a sale predominantly depends on the customer's decision to purchase a product and on the customer's perception of the value of that product. Responsiveness to customer wants is the central focus of the marketing orientation. The societal marketing orientation holds that the firm should strive to satisfy customer needs and wants while meeting organizational objectives and preserving or enhancing both the individual's and society's long-term best interests.
3Discuss the differences between sales and market orientations
Selling OrientationMarketing Orientation
Organization's focus is inward on the firm's needsFocus is outward on the wants and preferences of customers Business is defined by its goods and services offeredBusiness is defined by benefits sought by customers Product is directed to everybodyProduct is directed to specific groups (target markets) Primary goal is profit through maximum sales volumePrimary goal is profit through customer satisfaction Goals are achieved through intensive promotionGoals are achieved through coordinated marketing
4Describe several reasons for studying marketing
Marketing provides a delivery system for a standard of living, which is a monumental task in a society such as the United States, where a typical family consumes 2.5 tons of food per year. No matter what an individual's area of concentration in business, the terminology and fundamentals of marketing are important for communicating with others in the firm. Between one-fourth and one-third of the entire civilian work force in the United States performs marketing activities. Marketing offers career opportunities in areas such as professional selling, marketing research, advertising, retail buying, distribution management, product management, product development, and wholesaling. As a consumer of goods and services, everyone participates in the marketing process every day. By understanding marketing, one can become a more sophisticated consumer.
Answer the following questions to see how well you understand the material. Re-take it after you review to check yourself.
Marketing is defined as:
What five conditions must be satisfied for any kind of exchange to take place?
List and briefly describe four marketing management philosophies are:
List five ways in which a marketing orientation is different from a sales orientation.
Name four reasons for studying marketing.
1Define the term "marketing"
I.What Is Marketing?
Marketing is a philosophy or a management orientation that stresses the importance of customer satisfaction, as well as the set of activities used to implement this philosophy.
The American Marketing Association definition of marketing:
Marketing Marketing is an...