Chapter 1 - Marketing Chapter 1 Marketings value to...

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Marketing – Chapter 1 – Marketing’s value to consumers, firms, and society Intro to marketing - Encourages innovation and research - Not part of “production” Definition: the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need- satisfying goods and services from producer to customer or client. - Micro focus: a set of activities performed by organizations - Macro view: a social process. - Marketing should begin with customer needs. Macro-Marketing - A social process that directs an economy’s flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society. - Emphasis is on how the whole marketing system works, rather than the activities of individual organizations. - Separation between consumers and producers o Discrepancies of quantity Firms produce a lot, consumers consumer little o Discrepancies of assortment
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