Chapter 1 Notes - Marketing Chapter 1 Marketing's Value to...

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Marketing Chapter 1 Marketing's Value to Consumers, Firms, and Society Marketing is much more than selling and advertising - provides needed direction for production and helps make sure that the right goods and services are produced and find their way to consumers - creates customer satisfaction (the extent to which a firm fulfills a customer’s needs, desires, and expectations) Marketing is important to every customer Marketing will be important to your job Marketing affects innovation and standard of living - marketing plays part in economic growth and development - encourages research and innovation (development and spread of new ideas, goods, and services) Two ways of viewing marketing - from a micro view as a set of activities performed by organizations - from a macro view as a social process Marketing is the performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need satisfying goods and services from producer to customer or client - applies to both profit and nonprofit organizations - is more than just persuading customers - need to meet needs of customer so well that product sells itself (if done well customers don’t need much persuading) Marketing begins with potential customer needs and should try to anticipate needs Marketing (by interpreting customers' needs) should provide direction for production, accounting, and financial activities and try to coordinate them Marketing involves exchanges (does not occur unless two or more parties are willing to exchange something for something else) - EX) in pure subsistence economy where family produces everything it consumes there is no need for marketing Marketing builds a relationship with the customer (ongoing relationship) Main focus of the book is on management oriented micro marketing - marketing through the eyes of the marketing manager Marketing managers have to remember that their organizations are just small parts of the macro marketing system Macro marketing is a social process that directs an economy’s flow of goods and services from produces to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society - the emphasis is on the whole system (how it works and how it affects society) Every society needs a macro marketing system to match supply and demand - role of macromarketing system is to match heterogeneous supply and demand and at the same time accomplish society's objectives - needs to get products that consumers want to them at the right time, place, and price Effective marketing in an advanced economy is difficult because producers and consumers are often separated in several ways - spatial separation : scattered location of consumers
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- separation in time : time to produce goods and services, time to transport - separation of information : producers do not know who needs what, where, when, and at what price; consumers don’t know what is available from whom, where, when, and at what price - separation of values
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