Chapter Overview

Chapter Overview - Study Guide for Marketing 431 Summer...

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Study Guide for Marketing 431 Summer 2009 Chapter 1 - Overview What is Marketing? Philosophy Two approaches: A philosophy, attitude, perspective Focus on customer satisfaction This applies to everybody An organization function How do you implement the philosophy This has a business focus Definition "Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.“ American Marketing Association ( August 2004) Assumptions for this class Large organization context Marketing principles are universal Study Guide for Chapter 1 – Overview Page 1 Marketing 431, Summer 2009 © 2009
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A large organization is likely to have a marketing specialist U.S. based business Marketing principles are universal Implementation may vary from country to country International means other than U.S. Markets What is a market? All of the potential customers for your product Potential demand (in economic terms) What is a customer? The ultimate user of the product Receives benefit from the product Has the resources needed to exchange Ability Time Money How do Marketers create satisfaction? Needs vs. Wants Study Guide for Chapter 1 – Overview Page 2 Marketing 431, Summer 2009 © 2009
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What is a need? A perceived lack of something Difference between actual state and desired state Some needs are stronger than others Wants Culturally and socially influenced ways to satisfy needs
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This note was uploaded on 10/16/2011 for the course MKTG 431 taught by Professor Brucerobertson during the Spring '07 term at S.F. State.

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Chapter Overview - Study Guide for Marketing 431 Summer...

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