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ch1notes - Ch.1 An Overview of Marketing What is Marketing...

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Ch.1 – An Overview of Marketing What is Marketing? It’s a philosophy- an attitude, perspective, a management orientation that stresses customer satisfaction Also, an organization function and set of processes used to implement this philosophy 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 stakeholders Make your employees happy, and your customers will also be happy One desired outcome of marketing- an Exchange - people giving up something to receive something they would rather have. Conditions of Exchange : 1. At least 2 parties 2. Each has something that might be of value to the other party 3. Each is capable of communication and delivery 4. Each is free to accept or reject the exchange offer 5. Each believes it is appropriate or desirable to deal with the other Marketing Management Philosophies Four competing philosophies strongly influence an organization’s marketing processes: Production Orientation - o Focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace. o Management assesses its resources and asks what its company can do best/easiest? o Disadvantage: Doesn’t consider whether the goods it produces most efficiently also meet the needs of the marketplace Sales Orientation - o Based on the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits o
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