mar3023 ch 1
marketing: delivering value to customers:
it defines marketing as 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. To serve both buyers and sellers, marketing seeks (1) to discover
the needs and wants of prospective customers and (2) to satisfy them. The key to achieving
these two objectives is the idea of exchange – which is the trade of things of value between
buyer and a seller so that each is better off after the trade
the diverse elements influencing marketing actions:
foremost is the organization itself, whose mission and objectives determine what
business it is in and what goals it seeks. Finally, an organization’s marketing decisions are
affected by and, in turn, often have an important impact on society as a whole.
Manufacturers in the production-oriented marketing era were concerned with increasing
output, not with satisfying needs of consumers.
What is needed for marketing to occur:
At least four factors are required: (1) two or more parties (individuals or organizations)
with unsatisfied needs, (2) a desire and ability on their part to have their needs satisfied, (3) a
way for the parties to communicate, and (4) something to exchange
