CHAPTER 1 MARKETING.docx - CHAPTER 1 OVERVIEW OF MARKETING:...

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CHAPTER 1OVERVIEW OF MARKETING: ANINTRODUCTIONMARKETINGMarketing is managing profitable customerrelationships.1.Attract new customers by promisingsuperior value.2.Keep and grow current customers bydelivering satisfaction.-Started in the early part of the twentiethcentury (between 1900 and 1910) out ofquestions and issues neglected by its motherscience, economics.-In the early years of study and teaching oftrade practices, the word “marketing” wasnot used. Instead, “trade,” “commerce,” and“distribution” were the common operationsof the area to which the term “marketing” isidentified today.STAGES OF MARKETING THOUGHT1900-1910Period of Discovery.The marketing theory was borrowedfrom economics resulting todistribution, world trade, andcommodity markets. The concept of“marketing” occurred, thus, theterminology was given to it.1910-1920Period of Conceptualization.Many marketing conceptsweredeveloped. Its concepts wereclassified, and terms were defined.1920-1930Period of Integration.Principles of marketing werepostulated, and the general body ofthought was integratedfor the firsttime.Paul W. Iveywas the first to use as abook titlePrinciple of Marketing,although others and previously used“principles” in connection withadvertising, retailing and creditgranting.1930-1940Period of Development.Specialized areas of marketingcontinued to be developed,hypothetical assumptions wereverified and quantified, and some newapproaches to the explanation ofmarketing knowledge.1940-1950Period of Reappraisal.The concept and traditionalexplanation of marketing wasreappraised in terms of new needsformarketing knowledge. The scientificaspects of the subject wereconsidered.1950-1960Period of Reconception.Traditional approaches to the study ofmarketing were supplemented byincreasing emphasisupon managerialdecision making, the societal aspectsof marketing, and quantitativemarketing analysis. Many newconcepts, were introduced intomarketing.1960-1970Period of Differentiation.As marketing expanded, newconcepts took on substantial identityas significant components. Amongthem were such elements asmanagerialism, holism,environmentalism, systems, andinternationalism.1970Period of Socialization.Social issuesand marketing becamemuch more important. It is theinfluence not of society uponmarketing.MARKETING DEFINEDA social and managerial process by whichindividuals and groups obtain what theyneedandwantthrough creating and
exchangingproductsand value withothers.

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