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1.1 LEARNING OBJECTIVES
LO 1-1 Identify typical misconceptions about marketing, why they persist, and the resulting
challenges for marketing management.
LO 1-2 Define what marketing and marketing management really are and how they contribute
to a firm’s success.
LO 1-3 Appreciate how marketing has evolved from its early roots to be practiced as it is today.
LO 1-4 Recognize the impact of key change drivers on the future of marketing.
1.2 Chapter Outline
I. WELCOME TO MARKETING MANAGEMENT
II. MARKETING MISCONCEPTIONS
Behind the Misconceptions
Marketing is Highly Visible by Nature
Marketing is More Than Buzzwords
Beyond the Misconceptions and Toward the Reality of Modern
Marketing
III. DEFINING MARKETING
Value and Exchange are Core Marketing Concepts
IV. MARKETING’S ROOTS AND EVOLUTION
Pre-Industrial Revolution
Focus on Production and Products
Focus on Selling
Advent of the Marketing Concept
The Marketing Mix
Beyond the Marketing Concept
Differentiation Orientation
Market Orientation
Relationship Orientation
One-to-One Marketing
V. CHANGE DRIVERS IMPACTING THE FUTURE OF
MARKETING
Shift to Product Glut and Customer Shortage
Shift in Information Power from Marketer to Customer
Shift in Generational Values and Preferences
Shift to Distinguishing Marketing (Big M) from marketing
(little m)
Marketing (Big M)
marketing (little m)
Shift to Justifying the Relevance and Payback of the Marketing
Investment
VI. YOUR MARKETING MANAGEMENT JOURNEY
BEGINS
VII. SUMMARY
