Marketing 113 2003 - Marketing113 Chap.1OverviewofMarketing...

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Marketing 113 Chap.1 Overview of Marketing 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.  Market Orientation:  It states that the social and economic justification for an  organization’s existence is the satisfaction of customer wants and needs while  meeting organizational objectives. It is based on an understanding that a sale does not depend on an aggressive  sales force, but rather on a customer’s decision to purchase a product. The Marketing concept includes the following: Focusing on customer wants and needs so that the organization can  distinguish its products from competitors’ offerings Integrating all the organization’s activities. Including production, to satisfy  these wants Achieving long-term  goals for the organization  by satisfying  customer  wants and needs legally and responsibly Societal Marketing Orientation:  It states that an organization exists not only  to satisfy customer wants and needs and to meet organizational objectives but  also to preserve or enhance individuals’ and society’s long-term best interests.  Marketers interested in customer value: Offer products that perform
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Give consumers more than they expect Avoid unrealistic pricing Give the buyer facts Offer organization-wide commitment in service and after-sales support Customer satisfaction:   It is customers’ evaluation of a good or service in  terms of whether it has met their needs and expectations. Marketing Mix: Product/Place (Distribution)/Promotion/Pricing Chapter 2 Marketing Environment Target Market:  Groups of consumers with similar characteristics who we feel  will like our marketing mix to fill their wants and needs. Environmental   scanning:   Many   organizations   assemble   a   team   of  specialists to continually collect and evaluate environmental information, a  process called environmental scanning. Environmental Management:  When a company implements strategies that  attempt to  shape the  external  environment  within which it  operates, it  is  engaging in environmental management. The factors within the external environment that are important to marketing  managers can be classified as social, demographic (statistic fields tend to  change [age, education level, geography, family status, gender]), economic,  technological, political and legal, and competitive. Social factors (Attitudes, values, and lifestyles)
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Marketing 113 2003 - Marketing113 Chap.1OverviewofMarketing...

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