Introduction to Marketing Chapter 1

Introduction to Marketing Chapter 1 - Introduction to...

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Introduction to Marketing Chapter 1 : Initiating the Marketing Process Learning Objectives Understand and define what marketing is. Understand the elements of a Marketing Strategy and Marketing Program Describe the evolution of marketing Understand the Relationship Marketing Concept Understand the Value provided by Marketing I. What is Marketing? Not just buying and selling Involves anticipating, managing and satisfying demand through the exchange process. This is done by understanding all facets of buyer/seller relationships, such as environmental analysis, marketing research, setting organizational objectives, conducting consumer analysis, product planning, distribution planning, promotion planning, price planning and marketing management. Marketing Match - Effective marketing happens when the buyer and seller have a mutually beneficial relationship. The buyers buy products that have some perceived value to them in exchange for money. Marketing Defined Marketing is the anticipation, management and satisfaction of demand through the exchange process. Anticipation of demand : o Through consumer research on regular basis o Developing products that consumers’ desire. Management of demand: o Includes stimulation, facilitation, and regulation tasks. o Stimulation is the process of motivating consumers to want a firm’s offerings due to attractive product designs, distinctive promotion, fair prices etc. o
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Introduction to Marketing Chapter 1 - Introduction to...

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