QOD (Question of the day):What is marketing?Creating a customerNot sales or advertisingALI says: marketing is powerful way to persuade- overblownParis will tell anyone- all about the imageSnoop says- marketing rules the economic hizzle. My bizzle.Marketing took me from murderers row to selling ChryslersThe essence of marketingBuild community connections and relationshipsAnd use a theme as a stage for creating valueAnd capturing value (sales)Course organizationMain goal: look at the planMarketing is the most comprehensive of all the business functions having also a critical role for societies as a whole, for all types of organizationsMarketing is the Creation ofCommunityValueConnections andRelationshipsIt is the platform toCreateDeliverCaptureIn order to achieve goalsCourse organizationMain goal: look at the planMarketing is the most comprehensive of all the business functions having also a critical role for societies as a whole, for all types of organizationsMarketing is the Creation ofCommunityValueConnections andRelationshipsIt is the platform toCreateDeliverCaptureIn order to achieve goalsMarketing domainsMarketing functionsMACRO LEVEL- (as a society or economy as a whole)Connects sectors of society (the anatomy of MKT)Universal functions- market creationTo enable specializationResults- economic development/ quality of life (QOL)MICROTechnologyRelationshipsMarketing mixConnects to firms and customersResults- exchange and salesFirm goals/consumer needs gets satisfiedINDIVIDUALMutual interestsSocial capitalConnects peopleMarketing is one the core social mechanisms or processes inherent in any society. The others are production, consumption, and investment. Marketing is the consequence of specialization and the division of labor that are at the heart of economic development. It plays the same critical role [that being as the tread connecting economic development across time] society and business today as it did in the marketplaces of ancient worlds.Marketing is classless with respect to economies. Its core functions are as relevant for the sophisticated economies of developed countries as it is to the simple barter economies of the third world.It contributes to the achievement of goals for individuals [where it is a critical tool for personal success], groups and communities, profit or non-profit organizations, and business or non-business.Is to form connections and relationshipsUse as a platform in order to create, deliver, and capture valueMacro marketingIs the social mechanism that CONNECTS institutions and COMMUNITY in an economy to enable SPECIALIZATIONMicro MarketingIs the business function that DESIGN, PLANS, AND EXECUTES activities to create communicate deliver and capture valueWe have stated that the essence of marketing is to form community and create connections and relationships, and use them as a springboard or platform for creating, delivering, and capturing value in order to achieve organizational goals.Before a marketer can set up a fruit stand or a mall kiosk there must first be a ‘market’ or a mall. The corner store first needs a corner with traffic. These very basic facts are often lost in the ‘modern’ world of commerce. Often markets and the communities that contain them have to be created as opposed to selected. Thus the core concept of Market Creation.It is one thing to state the essence of marketing, or to understanding it intellectually, but in order to really understand how to execute marketing programs to make this happen students need to be able to visualize what it means. Examples are illustrated here.The essence of marketing is the creation, delivery, and capturing of value in order to bring about exchange. Exchange of course occurs when two or more parties receive something of value from each other in a transaction. Thus, once a (community) has been created or identified the marketing manager’s job then requires an in depth understanding of value and the core concepts which underlie exchange.Value is the difference between the contribution a product or service makes to consumer’s array of needs and the total extraction from consumer’s resources required by that product or service.There are six core concepts that underlie exchange : needs, wants, and demands (acquisition activities); and satisfaction, loyalty, and relationships (retention activities).The process of creating exchange (and ultimately profitable growth) begins with the needs of the targeted (community) being identified and steps taken to get individuals to express those needs as certain wants and to enable individuals that have the desire to satisfy that want to have the ability, thus making it a demand (a group a people with a demand for a product or service is a market).MKT 327 1st EditionExam # 1 Study Guide Lectures: 1 - 7Lecture 1 (January 9)QOD (Question of the day):- What is marketing?o Creating a customer o Not sales or advertisingo ALI says: marketing is powerful way to persuade- overblowno Paris will tell anyone- all about the imageo Snoop says- marketing rules the economic hizzle. My bizzle. o Marketing took me from murderers row to selling Chryslers The essence of marketing- Build community connections and relationships- And use a theme as a stage for creating value- And capturing value (sales) Course organization- Main goal: look at the plan- Marketing is the most comprehensive of all the business functions having also a critical role for societies as a whole, for all types of organizations- Marketing is the Creation of o Community o Value o Connections and o Relationships- It is the platform to o Createo Delivero CaptureIn order to achieve goals  Course organization- Main goal: look at the plan- Marketing is the most comprehensive of all the business functions having also a critical role for societies as a whole, for all types of organizations- Marketing is the Creation of o Community o Value o Connections and o Relationships- It is the platform to o Createo Delivero CaptureIn order to achieve goals  Marketing domains- Marketing functionso MACRO LEVEL- (as a society or economy as a whole) Connects sectors of society (the anatomy of MKT) Universal functions- market creation To enable specialization Results- economic development/ quality of life (QOL) o MICRO Technology  Relationships  Marketing mix Connects to firms and customers Results- exchange and sales 