as the process of creating, distributing, promoting, and pricing
goods, services, and ideas to facilitate satisfying exchange relationships with customers
and to develop and maintain favorable relationships with stakeholders in a dynamic
Marketing Focuses on Customers
As the purchasers of the products that organizations develop, promote,
distribute, and price,
are the focal point of all marketing
The essence of marketing is to develop satisfying exchanges from
which both customers and marketers benefit.
Organizations generally focus their marketing efforts on a specific group
of customers, or
Marketing Deals with Products, Distribution, Promotion, and Price
Marketing is more than simply advertising or selling a product; it
involves developing and managing a product, making the product
available in the right place and at a price acceptable to buyers, and
communicating information to help customers determine if the product
will satisfy their needs.
These activities - product, distribution, promotion, and pricing - are
known as the
because marketers decide what type of
each element to use and in what amounts.
The Product Variable
The product variable of the marketing mix deals with
researching customers' needs and wants and designing a
product that satisfies them.
can be a good, a service, or an idea.
Good - a physical entity you can touch
Service - the application of human and mechanical
efforts to people or objects to provide intangible
benefits to customers
Idea - concept, philosophy, image, or issue
The product variable also involves creating or modifying brand
names and packaging and may include decisions regarding
warranty and repair services.
Product variable decisions and related activities are important
because they are directly involved with creating products that
meet customers - needs and wants.
The Distribution Variable
In dealing with the distribution variable, a marketing manager makes
products available in the quantities desired to as many target market