What is marketing? American Marketing Association (1985)

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

What is marketing? Kotler

Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.

What is marketing? Adcock

The right product, in the right place, at the right time, at the right price.

What is marketing? Palmer

Marketing is essentially about marshalling the resources of an organization so that they meet the changing needs of the customer on whom the organization depends.

Key ideas in the definition of marketing

-Process involving strategy and tactics -Involves the 4Ps -Includes more than goods -Exchange is key (each party gives something up to get something) -Marketing is engaging customers and managing profitable customer relationships

product, price, place, promotion

-Identify and attract new customers by offering superior value -Maintain and grow existing customers by delivering satisfaction and fostering loyalty -Create value for and caputure value from customers

Marketing Misconceptions - Isn’t marketing just selling and advertising?

Sales and advertising are two functions of marketing. People assume the above because they are the most “visible” consequences of a marketing strategy

Marketing Misconceptions - Pricing low will fix most problems by bringing in more customers

-Competing on price is one of many strategies a firm can use -While low price may increase market share in the short run, it usually has disastrous long-term consequences (Why do firms use promotions sparingly?)

Marketing Misconceptions - We don’t need marketing. We already make a superior product.

Unless the product is a properly positioned to the right target segment how will you generate revenues?

Places, causes, events, organizations, people, ideas

A functions of total perceived benefits relative to total perceived costs

products, services, information, or experiences that companies might provide to customers in exchange for a medium of value

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Marketing exam 1

Maillie

Question	Answer
What is marketing? American Marketing Association (1985)	Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
What is marketing? Kotler	Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
What is marketing? Adcock	The right product, in the right place, at the right time, at the right price.
What is marketing? Palmer	Marketing is essentially about marshalling the resources of an organization so that they meet the changing needs of the customer on whom the organization depends.
Key ideas in the definition of marketing	-Process involving strategy and tactics -Involves the 4Ps -Includes more than goods -Exchange is key (each party gives something up to get something) -Marketing is engaging customers and managing profitable customer relationships
4Ps	product, price, place, promotion
3 Marketing Goals	-Identify and attract new customers by offering superior value -Maintain and grow existing customers by delivering satisfaction and fostering loyalty -Create value for and caputure value from customers
Marketing Misconceptions - Isn’t marketing just selling and advertising?	Sales and advertising are two functions of marketing. People assume the above because they are the most “visible” consequences of a marketing strategy
Marketing Misconceptions - Pricing low will fix most problems by bringing in more customers	-Competing on price is one of many strategies a firm can use -While low price may increase market share in the short run, it usually has disastrous long-term consequences (Why do firms use promotions sparingly?)
Marketing Misconceptions - We don’t need marketing. We already make a superior product.	Unless the product is a properly positioned to the right target segment how will you generate revenues?
What can we market?	Places, causes, events, organizations, people, ideas
Customer Value	A functions of total perceived benefits relative to total perceived costs
Market offerings	products, services, information, or experiences that companies might provide to customers in exchange for a medium of value

Created by: user-1987751

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