mktg chp 1-3

Mktg chp 1-3 - Chapter 1 1 Marketing is comprised of two facets The first is designated marketing which is the activity set of institutions and

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Chapter 1: 1) Marketing is comprised of two facets. The first is designated, “marketing,” which is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. What this means is it is showing that marketing is much more than merely advertising. It can be done through many different sources. The second facet of marketing is “exchange,” which is people giving up something to receive something they would rather have. This is the end of the marketing to a degree. You have sold or in some situations bartered your product for something else. You can not have this part of marketing without having the first facet. You can however have the first part, but not the second. 2) There are four philosophies that influence the role of marketing. The first is Production Orientation. This philosophy focuses on the internal capabilities of the firm rather than the desires and needs of the marketplace. The second philosophy is Sales Orientation. This is based on the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits. The third philosophy is Market Orientation. This states that social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives. Which means that sales do not rest on sales force, rather it relies on the customer deciding to purchase the product. The fourth and final philosophy is Societal Marketing Orientation. This 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. 3) Customer Value according to the book is the relationship between benefits and the sacrifice
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This note was uploaded on 11/27/2010 for the course MKTG- 290 taught by Professor Chung during the Fall '10 term at Ramapo.

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Mktg chp 1-3 - Chapter 1 1 Marketing is comprised of two facets The first is designated marketing which is the activity set of institutions and

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