Introduction to the Elements of Marketing

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Topics: Marketing
INTRODUCTION TO THE ELEMENTS
OF MARKETING by Professor Larry Isaacson
Marketing is the process of planning and carrying out exchanges between buyers and sellers. Planning and implementing such exchanges is not always simple, but it is generally based on the use of just a few basic marketing concepts. The purpose of this introductory note is briefly to define and describe these concepts and suggest ways to use them to solve marketing problems and plan marketing programs. Many of the concepts are intuitively obvious once stated. But the development and refining of these concepts represents a great deal of effort on the part of many marketing theorists and practitioners over the past several decades.
Learning to use the concepts well is not just a matter of memorizing definitions or applications made by others. Rather, it requires trial and error experience. They need to be discussed, applied to case situations in the classroom, and then applied to real world problems. This complex learning process is necessary because there are no precise rules for combining and using the basic concepts.
With this in mind let's turn to the seven key sets of concepts that drive good marketing programs: 1. The Marketing Concept and Marketing as Exchange. 2. Market Segmentation, Targeting and Positioning. 3. Purchase Processes and the Marketing Mix. 4. The Product Life Cycle and Market Share. 5. Contribution and Breakeven Analysis as Measures of Plans and Results. 6. Consumer Behavior and Market Research as the Basis for Marketing Action. 7. Marketing Management and Product Management.
The remainder of this note explores the definition and application of these key concepts.
1. The Marketing Concept and the Concept of Marketing as Exchange.
The marketing concept states that it is generally better, easier and more profitable to understand consumers and meet wants and needs than to persuade or coerce consumers – industrial or individual – to buy

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