Contents of the Chapter 1 Notes

What is marketing?

Definition of marketing

Marketing is the process of planning and executing the conception, pricing, promotion, and distribution (4 Ps) of ideas, goods and services to create exchanges (with customers) that satisfy individual and organizational objectives.

Satisfying customer needs (creating utility) through the exchange process.
Create a Marketing Mix (4ps):

To satisfy Target Market(s) (customers)Chapter 9

Handout...Taco Bell

Taco Bell was used as an example...
Marketing Mix:
Target Market(s): Return to Contents List

Type of organizations that use marketing.

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Origins of Marketing.

When did marketing first evolve?

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Exchange and Utility

The criteria needed for an exchange to occur: The exchange process creates Utility.
Utility is the satisfaction, value, or usefulness a user receives from a good or a service.
When you purchase an automobile, you give up less (in $s) than the value of the car (to you)...the ability to get you from A to B, safely, in a timely manner etc.

There are four types of utility:

An example of a service that offers all types of utility:
24 Hour pizza delivery service.
Marketing performs the exchange functions that makes the total utility of the product a reality to consumers.
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The Marketing Management Philosophies

Marketing management can be described as carrying out the tasks that achieve desired exchanges, between the corporation, and its customers.

There are a number a different philosophies that guide a marketing effort.

What era are we in now?

We are still essentially in the marketing era, since that is the dominant concept, but increasing pressure is being put on to companies to adopt the societal concept.
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Importance of the marketing concept.

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