Lecture M: Marketing (4/e) - Chapter 1: Overview of marketing

After reading this chapter, you should be able to: Define the role of marketing in organizations; describe how marketers create value for a product or service; understand why marketing is important, both within and outside the firm.

overview of  marketing

one

organizations

for a product or service

both within and outside the firm

Marketing is an organizational function and a

set of processes for creating, capturing,

customers and for managing customer

relationships in ways that benefit the

organization and its stakeholders

What is Marketing?

Needs and Wants

PRNewsFoto/PepsiCo; AP Photo.

Marketing Entails an Exchange

Marketing Requires Product,  Price, Place, and Promotion Decisions

©Stockbyte/PunchStock.

customers willing to pay

and can a profit can be

made at that point

AP Photo/The Canadian Press, Jacques Boissinot.

management, describes

all activities necessary to

get the product to the

right customer when the

customer wants it

this product in the store?

Courtesy Horizon Organic Dairy

Courtesy AT&T; Agency: BBDO/Atlanta; Artist: Guido Daniele; Photographer: Andric

their opinions or elicit

Manufacturer

(Makes monitors)

Stakeholders

Courtesy National Fluid Milk Processor Promotion Board;

Agency: Lowe Worldwide, Inc.

1 H.Armstrong Roberts/Retrofile/Getty Images

2 Jamie Grill/Iconica/Getty Images

3 ©Ted Dayton Photography/Beateworks/Corbis

4 Ciaran Griffin/Stockbyte/Getty Images

5 ©Colin Anderson/Blend Images/Corbis

check yourself



and _

marketing mix?

Photo by Christopher Peterson/BuzzFoto

Value Driven?

Connecting With Customers  Using Social & Mobile Marketing

check yourself



at a low price?

relationships with customers?

customers using social and mobile media?

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Exchange is the trade of things of value between

the buyer and the seller so that each is better off

as a result

Glossary

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Goods are items that you can physically touch.

Glossary

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Services are intangible customer benefits that

are produced by people or machines and cannot

be separated from the producer

Glossary

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Ideas include thoughts, opinions, and

philosophies, and intellectual concepts which can

be marketed

Glossary

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A supply chain is the group of firms that make

and deliver a given set of goods and services

Glossary

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Value reflects the relationship of benefits to costs.

Glossary