CH01-OverviewOfMarketing - Chapter 1: Overview of Marketing...

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Chapter 1: Overview of Marketing What is Marketing? Marketing is a set of business practices designed to plan for and present an organization's products or services in ways that build effective customer relationships. Marketing is about Satisfying Customer Needs Need feeling physiological deprived of basic necessities, such as food, clothing, shelter, and safety. Want particular way in which the person chooses to fulfill his or her need, which is shaped by a person's knowledge, culture, and personality. Target Market the customer segment or group to whom the firm is interested in selling its products and services. Marketing Entails Value Exchange marketing is about an exchange — the trade of things of value between the buyer and the seller so that each is better off as a result. Marketing Requires Product, Price, Place, and Promotion Decisions Product: Creating Value create value by developing a variety of offerings, including goods, services, and ideas to satisfy customer needs. Price: Transacting Value the overall sacrifice a consumer is willing to make — money, time, energy to acquire a specific product or service. Place: Delivering Value all the activities necessary to get the product from the manufacture or producer to the right customer. place decisions are concerned with developing an efficient system for merchandise to be distributed in the right amount, to the right locations, and the right time. Prmotion: Communicating Value promotion is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response. Marketing is Shaped by Forces and Players External to the Farm external forces such as social, technological, economic, competitive, and regulatory changes shape a company's marketing activities. Two current social trends are environment, and obesity.
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CH01-OverviewOfMarketing - Chapter 1: Overview of Marketing...

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