Study guide for lecture 1 - Overview

Study guide for lecture 1 - Overview - Study guide for...

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Study guide for lecture 1: Overview What is Marketing? Philosophy 0. Two approaches: 0. A philosophy, attitude, perspective 0. Focus on customer satisfaction 0. Draws on economics and social psychology 0. How people make decisions 1. What makes people happy 1. This applies to everybody 1. Not just a business discipline 1. A Business function 2. How do you implement the philosophy 2. This has a business focus 2. Assumptions 3. Large organization context 3. Marketing principles are universal 4. A large organization is likely to have a marketing specialist 4. U.S. based business Marketing 431 Study Guides © 2009 Lecture 1: overview page 1
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5. Marketing principles are universal 6. Implementation may vary from country to country 7. International means other than U.S. Definition of Marketing 1. "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.“ 0. American Marketing Association ( August 2004) 2. Organizational function 3. For the benefit of the organization 5. All organizations have a reason to exist 8. Most businesses exist to make profits for their investors 9. Without profits, the business cannot continue to provide benefits for its  customers 10. In a not-for-profit, money is not the primary reason 2. But without money, the organization will fold 0. For the benefit of Stakeholders Marketing 431 Study Guides © 2009 Lecture 1: overview page 2
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3. Individuals or organizations who are affected by what the company does and how  well it performs 4. This is a relatively new concept 5. Multiple stakeholders 6. Customers, suppliers, employees, labor unions 7. In the long-run a business cannot succeed unless it meets the needs of all of its  stakeholders 8. Satisfied customers, healthy employees, a sustainable environment, etc 3. Creating and delivering value 4. Needs vs. wants 5. Utility 6. Value
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This note was uploaded on 05/10/2010 for the course MKTG 431 taught by Professor Brucerobertson during the Spring '07 term at S.F. State.

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Study guide for lecture 1 - Overview - Study guide for...

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