Marketing Ch.1

Topics: Marketing, Customer relationship management, Customer Pages: 6 (1158 words) Published: June 24, 2013
Chapter 1: Overview of Marketing What is Marketing?
Marketing is a set of business practices designed to plan for and present an organization's products or services in ways that build effective customer relationships.

Marketing is about Satisfying Customer Needs Need feeling physiological deprived of basic necessities, such as food, clothing, shelter, and safety. Want particular way in which the person chooses to fulfill his or her need, which is shaped by a person's knowledge, culture, and personality.

Target Market the customer segment or group to whom the firm is interested in selling its products

Marketing Entails Value Exchange
marketing is about an exchange — the trade of things of value between the buyer and the seller so

and services.

Marketing Requires Product, Price, Place, and Promotion Decisions Product: Creating Value
customer needs. create value by developing a variety of offerings, including goods, services, and ideas to satisfy

that each is better off as a result.

Price: Transacting Value
the overall sacrifice a consumer is willing to make — money, time, energy to acquire a specific product or service.

Place: Delivering Value
all the activities necessary to get the product from the manufacture or producer to the right customer. place decisions are concerned with developing an efficient system for merchandise to be distributed in the right amount, to the right locations, and the right time.

Prmotion: Communicating Value
promotion is communication by a marketer that informs, persuades, and reminds potential

Marketing is Shaped by Forces and Players External to the Farm

buyers about a product or service to influence their opinions or elicit a response.

external forces such as social, technological, economic, competitive, and regulatory changes shape a

Marketing Can Be Performed by Both Individuals and Organizations B2C: business to consumer marketing B2B: business to business marketing

company's marketing activities. Two current social trends are environment, and obesity.

Marketing Occurs in Many Settings Marketing Helps Create Value Production;Oriented Era
early 20 th

accountants, lawyers, planners, physicians, and other professional services market their services.

even nonprofit organizations have marketing such as hospitals, theaters, charities, museums, religious institutions, politicians, and even governments. Marketing can also be meant the industry to target specific segments, like the "got milk" campaign.

The historical milestones of marketing

century firms believed that a good product would sell itself, such as Henry Ford's

car. Retail stores typically were considered places to hold merchandise until a consumer wanted it. Companies focused on developing and distributing with little concern whether the product best satisfy customer needs.

Sales;Orientated Era
because of the great depression, companies were able to produce more then the demand for their products. sales because very heavily dependent on personal selling and advertising.

because of the great depression, companies were able to produce more then the demand for their products. sales because very heavily dependent on personal selling and advertising.

Market Orientated Era
when soldiers came back home, there was many consumers, and much more supply. Consumers were now able to make choices based on quality, convenience, and price. This is when consumer driven products started.

Value;Based Marketing Era
better marketing firms recognize that there was more to good marketing than simply discovering and providing what consumers want and need, but give greater value then their competitors.

What is Value;Based Marketing
customers naturally seek options that provide the greatest benefits at the lowest costs. a given product or service and how to improve on them.

marketing orientation, a business must also understand what customers view as the key benefits of a...
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