Study_guide_for_Lecture_1_-_Overview - Study guide for...

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Marketing 431 Study Guide Lecture 1 overview page 1 ©2006 Bruce Robertson 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 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
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Marketing 431 Study Guide Lecture 1 overview page 2 ©2006 Bruce Robertson Creating and delivering value Needs What is a need? A perceived lack of something Difference between actual state and desired state Some needs are stronger than others Wants Culturally and socially influenced ways to satisfy needs Starbucks anyone?
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This note was uploaded on 09/24/2009 for the course CHEM 333 taught by Professor Baird during the Spring '09 term at UC Davis.

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Study_guide_for_Lecture_1_-_Overview - Study guide for...

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