What is marketing - ed F09

What is marketing - ed F09 - What is marketing? What is...

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Unformatted text preview: What is marketing? What is marketing? Official American Marketing Official American Marketing Association Definition Marketing 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. Official American Marketing Official American Marketing Association Definition Marketing 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. Official American Marketing Official American Marketing Association Definition Marketing 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. Official American Marketing Official American Marketing Association Definition Marketing 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. Key elements: Key elements: Create, communicate and deliver Value Via exchanges Marketing is two things: Marketing is two things: 1. A business philosophy that says the best way to run a company in the 21st Century is to focus on meeting the needs and wants of the customers while achieving the organizations goals. 2. The study of the business process from product creation to consumer satisfaction. Value is relative. Value is relative. My son­in­law’s favorite group My son­in­law’s favorite group My middle­daughter’s pick. My middle­daughter’s pick. My youngest daughter’s My youngest daughter’s favorite My wife’s choice: My wife’s choice: My favorite My favorite And yours probably matches And yours probably matches none of these. Value is relative to the customer. Water. Easy to find. Free. Water. Easy to find. Free. But, today we pay for it. But, today we pay for it. Many brands Many brands Fancy Fancy Flavored Flavored Best selling Best selling But, why? But, why? Why do we drink bottled Why do we drink bottled water? Where is the value? Why is marketing important? Consider some of the products Consider some of the products that didn’t exist or were just appearing on the market 15 years ago: Satellite radio Cell phones High­definition TVs Hybrid automobiles iPods On­line search engines Consider some of the companies that were not major players in the American economy just 15 years ago: Wal­Mart Starbucks Target Google eBay Amazon Verizon Apple (Now the largest seller of music in the United States) CarMax – The largest retailer of used cars in the United States Whole Foods DirecTV XM and Sirius Radio MySpace/Facebook Were these companies Were these companies successful because of their… Outstanding accounting? Creative financing? Human relations management? Outstanding MIS system? Unlikely… Unlikely… They became successful because of their products and their business concepts. Their marketing. Marketing brings us: Marketing brings us: New products and services Access to products and services Information about products and services New business models Choice So, in summary: So, in summary: Marketing is the key to the universe. The world is a murky place… The world is a murky place… But academicians strive to find order. They like lists. The 4 Ps of Marketing The 4 Ps of Marketing Product Price Promotion Place (Distribution) ...
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This note was uploaded on 01/21/2011 for the course MSOM 303 taught by Professor Philpot during the Winter '10 term at George Mason.

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What is marketing - ed F09 - What is marketing? What is...

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