CH1 An Overview of Marketing

CH1 An Overview of Marketing - Chapter 1 An Overview of...

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Chapter 1 An Overview of Marketing I. What is Marketing? A. 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. B. Exchange . People are willing to give up something to receive something they would rather have. An exchange can take place only if the following five conditions exist: 1. There must be at least two parties. 2. Each party has something that might be of value to the other party. 3. Each party is capable of communication and delivery. 4. Each party is free to accept or reject the exchange offer. 5. Each party believes it is appropriate or desirable to deal with the other party. II. Marketing Management Philosophy A. Production Orientation . A production orientation is a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the market. 1.
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CH1 An Overview of Marketing - Chapter 1 An Overview of...

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