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test 1 - Chapter 1 An Overview of Marketing What is...

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Chapter 1- An Overview of Marketing What is Marketing? o Marketing- the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. 1. A philosophy, an attitude, a perspective, or a management orientation that stresses customer satisfaction. 2. An organizational activity set of institutions, and processes. Entails processes that focus on delivering value and benefits to customers, not just selling goods and services. Exchange- people giving up something in order to receive something they would rather have. Conditions for Exchange: o At least two parties; something of value, communication and delivery, freedom to accept or reject; desire to deal with other party. Exchange may not take place even if conditions are met. An agreement must be reached. Marketing occurs even if exchange does not take place. Marketing Management Philosophies 1. Production- internal capabilities of the firm rather than the desires and needs of the marketplace. 2. Sales- aggressive sales techniques and belief that high sales result in high profits. 3. Market- satisfying customer needs and wants while meeting objectives 4. Societal- satisfying customer needs and wants while enhancing individual and societal well being. Production Orientation Field of Dreams orientation o “If you build it, they will come” o Doesn’t consider if what it produces meets market needs Sales Orientation Marketing= selling things/ collecting money o Disregards market needs and consumer demand o Often find that, despite the quality of their sales force, they cant convince people to buy goods or services that are neither wanted nor needed. o Toyota Incentive example Market Orientation Focusing on customer wants and needs to distinguish products from competitors’ offerings Integrating all the organizations activities to satisfy these wants Achieving the organizations long-term goals by satisfying customer wants and needs legally and responsibly. o Achieving a Marketing Orientation Obtain information about customers, competitors, and markets. Examine the information from a total business perspective. Determine how to deliver superior customer value. Implement actions to provide value to customers. Societal Marketing Orientation An organization exists not only to satisfy customer wants but also to preserve or enhance individuals’ and society’s long- term best interests. o Ex: less toxic products, more durable products, products with reusable materials Questions that Help Determine Marketing Philosophy Production- what can we make or do best? Sales- how can we sell more aggressively?
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test 1 - Chapter 1 An Overview of Marketing What is...

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