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Unformatted text preview: Study guide for Lecture 1: Overview * What is marketing? *Definition of marketing *American Marketing Association ( August 2004) * "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." *Three issues *Organizational function *Assume context of a large organization *Is this valid? *No the marketing concept is universal *Yes, for the purposes of this class it is useful *For the benefit of the organization *All organizations have a reason to exist *Most businesses exist to make profits for their investors *Without profits, the business cannot continue to provide benefits for its customers *In a not-for-profit, money is not the primary reason *But without money, the organization will fold *For the benefit of Stakeholders *Individuals or organizations who are affected by what the company does and how well it performs *This is a relatively new concept *Multiple stakeholders *Customers, suppliers, employees, labor unions Marketing 431 Study Guide Lecture 1 overview page 1 ©2006 Bruce Robertson *In the long-run a business cannot succeed unless it meets the needs of all of its stakeholders *Satisfied customers, healthy employees, a sustainable environment, etc *Creating and delivering value *Needs – satisfy wants rather than needs *What is a need?...
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- Fall '07
- Marketing, Bruce Robertson, Study Guide Lecture