Philip Kotler
LEARNING OBJECTIVES
After reading this chapter, students should:
❑ Know why marketing is important
❑ Know what is the scope of marketing
❑ Know some of the fundamental marketing concepts
❑ Know how marketing management has changed
❑ Know are the necessary tasks for successful marketing management
CHAPTER SUMMARY
From a managerial point of view, 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 stake holders. 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.
Marketers are skilled at managing demand: They seek to influence the level, timing, and composition of demand. Marketers are involved in marketing many types of entities: goods, services, events, experiences, persons, places, properties, organizations, information, and ideas. They also operate in four different marketplaces: consumer, business, global, and nonprofit.
Marketing is not done only by the marketing department. Marketing needs to affect every aspect of the customer experience. To create a strong marketing organization, marketers must think like executives in other departments, and executives in other departments must think more like marketers.
Today’s marketplace is fundamentally different as a result of major societal forces that have resulted in many new consumer and company capabilities. These forces have created new opportunities and challenges and marketing management has changed significantly in recent years as companies seek new ways to achieve marketing excellence.
There are five competing concepts under which organizations can choose to conduct their business: the production concept, the product concept, the selling concept, the marketing
After reading this chapter, students should:
❑ Know why marketing is important
❑ Know what is the scope of marketing
❑ Know some of the fundamental marketing concepts
❑ Know how marketing management has changed
❑ Know are the necessary tasks for successful marketing management
CHAPTER SUMMARY
From a managerial point of view, 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 stake holders. 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.
Marketers are skilled at managing demand: They seek to influence the level, timing, and composition of demand. Marketers are involved in marketing many types of entities: goods, services, events, experiences, persons, places, properties, organizations, information, and ideas. They also operate in four different marketplaces: consumer, business, global, and nonprofit.
Marketing is not done only by the marketing department. Marketing needs to affect every aspect of the customer experience. To create a strong marketing organization, marketers must think like executives in other departments, and executives in other departments must think more like marketers.
Today’s marketplace is fundamentally different as a result of major societal forces that have resulted in many new consumer and company capabilities. These forces have created new opportunities and challenges and marketing management has changed significantly in recent years as companies seek new ways to achieve marketing excellence.
There are five competing concepts under which organizations can choose to conduct their business: the production concept, the product concept, the selling concept, the marketing