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Marketing Context and Overview

Marketing Context and Overview - Marketing Context and...

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Marketing Context and Overview Lecture Notes 1/23/2012 Marketing o Study of exchange o Marketing tends to have a bad reputation/connotation because people think as marketing with advertising, selling, etc Marketing is broader than these aspects o Focus is mainly on exchange of goods and/or services Other marketing uses are to understand terrorism and its exchange People are marketable entities as well since we exchange ideas (political, etc) Marketing’s First Task [Marketing Concept] o Discover Consumer Needs Before offering a good/service you should discover what to produce/sell o A lot of failure of firms/companies results to them not finding out if there is a need for an offering Highest failure rate of businesses is restaurants Marketing’s Second Task [Marketing Concept] o Satisfying Consumer Needs o Find the right combination of the Marketing Mix (four Ps) o Generally most important is Product Important to whether good will succeed or fail in marketplace
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