Chapter 1: Overview of Marketing
What is 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
feeling physiological deprived of basic necessities, such as food, clothing, shelter, and safety.
particular way in which the person chooses to fulfill his or her need, which is shaped by a
person's knowledge, culture, and personality.
the customer segment or group to whom the firm is interested in selling its products
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
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.