Marketing is the activity for creating, communicating, delivering and exchanging offereings that
benefit the organization, its stakeholders and society at large.
To serve both buyers and sellers, marketing seeks (1) to discover the needs and wants of
prospective customers and (2) to satisfy them.
Exchange –trade of things of value between buyer and seller so that each is better off after the
The organization must strike a balance among the sometimes differing interests of these
individuals and groups. For example, it is not possible to simultaneously provide the lowest –
priced and higest-quality products to customers and pay the highest prices to suppliers, highest
wages to employees, and maximum dividends to shareholders.
Environmental forces that effect the organization: Social, Economics, Technological,
Competitive, and Regulatory.
The Organization consists of: research and development, human resources, manufacturing,
management, information systems, finance, marketing.
The organization is owned by shareholders, create relationships with customers, have
partnership with suppliers, and alliances with other orgs.
Showstoppers – factors that might doom the product.
Need occurs when a person feels deprived of basic necessities such as food, clothing, and
Want is a need that is shaped by a person’s knowledge, culture, and personality.
Market – potential customers, people with both the desire and the ability to buy a specific
product, make this up.
Target Market – one or more specific groups of potential consumers toward which an
organization directs its marketing programs.
Organization’s marketing department