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Chapter 1
Defining Marketing for the 21st Century
Defining Marketing for the 21st Century
WHY IS MARKETING IMPORTANT?
1. Good marketing is no accident, but a result of careful planning and execution using state-of-the-art tools and techniques. 2. It becomes both an art and a science as marketers strive to find creative new solutions to challenges in a complex marketing environment. 3. Top marketers balance discipline and imagination to address these new marketing realities. 4. Marketing is everywhere.

5. Marketing is both an “art” and a “science”. “It is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customers’ relationships in ways that benefit the organization and it stakeholders”. 6. Marketing is about identifying and meeting human and social needs. 7. One of the shortest good definitions of marketing is “meeting needs profitably.” 8. Marketing is essential for a company to define itself. A good example of this is Xerox presented a quality colour printer in an affordable price to small businesses after it was common that such colour printers were only available for bigger businesses because its prices were expensive. 9. Financial success often depends on marketing ability.

10. Marketing builds brands and a loyal customer base.
11. Marketing is tricky and making the right decisions is not always easy. 12. Successful marketing builds demand for products and services, which, in turn, creates jobs. By contributing to the bottom line, successful marketing also allows firms to more fully engage in socially responsible activities

WHAT IS MARKETING MANAGEMENT?
Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

WHAT IS THE SCOPE OF MARKETING?
13. The scope of marketing is choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. 14. Marketing management takes place when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties. 15. It creates value for customers and build customers relationships through the following processes: 1. Understand the marketplace and customer needs and wants; 2. Design a customer-driven marketing strategy;

3. Construct an integrated marketing program that deliver superior value; 4. Build profitable relationships and create customer delight; and 5. Capture value from customers to create profits and customer equity. What is marketed?

* Marketers market 10 main types of entities as shown on BELOW: 1. Goods: Physical goods constitute the bulk of production and marketing efforts. 2. Services: A growing portion of business activities are focused on the production of services. 3. Events: Marketers promote time-based events such as trade shows, artistic performances, and the Olympics. 4. Experiences: By orchestrating several services and goods, a firm can create and market experiences such as Walt Disney World’s Magic Kingdom. 5. Persons Celebrity marketing is a major business.

6. Places: Cities, states, regions, and whole nations compete actively to attract tourists, factories, and new residents. 7. Properties: Are intangible rights of ownership of either real property (real estate) or financial property (stocks and bonds). 8. Organizations: Actively work to build a strong, favorable, and unique image in the minds of their target publics. 9. Information: Can be produced and marketed as a product. Schools, universities, and others produce information and then market it. 10. Ideas: Every market offering includes a basic idea. Products and services are platforms for delivering some idea or...
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