MKTG 332 – Chapter 1: Defining Marketing for the 21st Century

Marketing
identifying and meeting human and social needs; the activity, set of institutions, and processes for creating, communicationg, delviering, and exchanging offerings that have value for customers, clients, parners, and society at large.
Marketing Management
the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
What is marketed?
goods, services, events, experiences, persons, places, properties, organizations, information, and ideas
Marketer
someone who seeks response from another party (the prospect)
Prospect
an individual or group from whom a marketer seeks a response such as a purchase, a vote, or a donation.
Market
groupings of customers
Five types of needs
Stated needs, real needs, unstated needs, delight needs, and secret needs
Value proposition
set of benefits that a marketer proposes to deliver to satisfy customers’ needs.
Production concepts
one of the oldest concepts in business, holds that consumers prefer products that are widely available and inexpensive.
Product concept
proposes that consumers favor products offering the most quality, performance, or innovative features.
Selling concept
holds that consumers and businesses, if left alone, won’t buy enough of the organization’s products, so teh organization must undertake an aggressive selling effort.
Marketing concept
emerged in the id-1950s as a customer-centered, sense-and-respond philosophy. The job is to find not the right customers for your products, but the right products for your customers.
Holisitc marketing concept
based on the development, desing, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies.
Relationship marketing
aims to build mutually satisfying long-term relationships with key consituents in order to earn and retain their business.
Internal marketing
an element of holistic marketing, is the task of hiring, training, and motivating able empoyees who want to serve customers well.
Performance marketing
requires understanding the financial and nonfinancial returns to business and society from marketing activities and programs.
Prodcuct, price, promotion, place
the old four p’s
People, processes, programs, performance
the new four p’s