MSC_Exam1Review - CRITICAL ROLE OF MARKETING MARKETING'S...

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CRITICAL ROLE OF MARKETING MARKETING’S ESSENTIAL ROLE IS : MARKETING CONNECTS ON THREE DOMAINS SOCIETAL DOMAIN It is the THREAD Tying Together all Social Progress ; BUSINESS DOMAIN •It is the ENGINE and FRAME of All Economic Activity; PERSONAL DOMAIN •It is a CRITICAL TOOL for Personal Success MARKETING FORMS CONNECTIONS AT 2 LEVELS . AT MACRO Level Connects Sectors of A Society; or Connects Organizations in an Economy . AT MICRO Level Connects A Firm with Customers Slide 5 MARKETING at Macro Level Marketing is the social mechanism that CONNECTS institutions and relationships in an economy to ENABLE Specialization. IN FACT MARKETING CONNECTS FOUR TYPES OF FLOWS MONEY INFORMATION FUNCTIONAL RELATIONSHIPS MACRO MARKETING CONNECTIONS MADE THRU UNIVERSAL MARKETING FUNCTIONS Storing Transportation Standardization & Grading
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BENEFITS OF MARKETING AT MACRO LEVEL Serves Needs of Society ECONOMIC DEVELOPMENT ECONOMIC EFFICIENCY QUALITY OF LIFE . AT MACRO Level Connects Sectors of A Society; or {DISCUSSED ABOVE} Connects Organizations in an Economy MARKETING CONNECTS ALL COMPONENTS OF AN INDUSTRY Raw Material Producers Manufacturers Financiers *CLASS 2* ESSENCE OF MARKETING Is to build connections and relationships in order to create a customer (exchange) MARKETING at Micro Level CONNECTS: AN ORGANIZATION OR INDIVIDUAL & ITS CUSTOMERS INSTITUTIONS IN A VALUE CHAIN MARKETING at Micro Level’s Critical reason for making CONNECTIONS in an economy is to ENABLE Exchange . MARKETING at Micro Level’s Benefits are: Provides Individuals with GOODS & SERVICES
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Accomplishes organization’s Goals through MARKETING at Micro Level The Types of Connections are: PROVISIONAL FUNCTIONAL PSYCHOLOGICAL MARKETING at Micro Level Connects four types of flows MONEY INFORMATION FUNCTIONAL RELATIONSHIPS MARKETING at Micro Level Micro Marketing Connections Made Thru TECHNOLOGY Providing Economic Utilities that create VALUE RELATIONSHIPS Forming personal links and becoming part of lifestyle MARKETING MANAGEMENT:
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MSC_Exam1Review - CRITICAL ROLE OF MARKETING MARKETING'S...

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