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Marketing Chapter 1 Notes

Marketing Chapter 1 Notes - Chapter 1 Learning Objectives...

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Chapter 1 Learning Objectives What is the role of marketing in organizations? How do marketers create value for a product or service? Why is marketing important both within and outside the firm? Marketing is the activity, set of institutions, and processes for creating, capturing , communicating, delivering, and exchanging offerings that have value . Marketing entails an exchange It is a social and managerial process by which individual groups obtain what they need and want by creating and exchanging products and value with one another. Marketing is about satisfying customer needs and wants Marketing helps create value Marketing requires product, price, place, and promotion decisions These four interrelated decisions are known as the marketing mix, or four Ps. They are the controllable set of activities that the firm uses to respond to the wants of its target markets Marketing can be performed by both individuals and organizations Marketing occurs in many settings
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