We 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.MKT 327: CLASS THREE“MARKETING IN ACTION”Theme: ‘American Money Making MachinePre-Class Tasks:1. Read Chapter 1- LO, LO & LO2. Complete Class 2 quiz on ConnectLearning Objectives:1. What does a marketing relationship look like?2. The concept of market creation3. What does it mean to connect in marketingKey Terms/Concepts:1. Relationship Marketing2. Community: A group of individuals, groups or organizations integrated within a dynamic network of environmental cause and effect activities that share purpose, and physical or virtual proximity.3. Marketing Program 4. Market creationsthe co- produce of identity (purpose) and meaning(culture) in order to create a market (community) for a platform to execute marking strategy. 5. Meaning:A cause or mission bigger than the person, or the problem customer believes is solved or addressed through their use of the product.The extent to which the product or service helps defines the customer’s self- image or desired image. 6.Brand ideal:We 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. This statement of marketing’s essence has two core components: market creation and commercialization.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. Market Creation is the co-production of identity (purpose or cause) and meaning (culture) in order to create a community. Once created or selected the organization establishes relationships (psychological connection) to better understand needs and wants and create value induced demand; and channels (physical connection) that allows those in the community with a demand to physically acquire organization’s product or serviceA Community is a group of individuals, groups, or organizations that are integrated within a dynamic network of environmental cause and effect activities thatcause them to share purpose, and physical or virtual proximity. 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 thishappen students need to be able to visualize what it means. Examples are illustrated here.meaning from a company’s perspective: a higher purpose that appeals to a universal human value and governseverything an organizations does.7 Identity The individual’s affinity and affiliation for some culture (community); and /or desired impact person wishes to make on that culture (community.)- The essence of marketing- is to form connections & relationships- In order to create, deliver, an capture valueThe essence of marketing 1. To form community, connection & relationships2. Use as a platform to create, deliver & capture value3. Macro Marketing is the special mechanism that connects institutions and community in an economyto enable specialization 4. Micro marketing is the business functions that design, plans and executes activities to create,communication, deliver, and capture VALUE8 Create market: A market is a physical or virtual location consisting of system, institutions, procedures, and social relations.9 Commerlize market: whereby parties engage in exchange.10 Building community: e.g, facebook, googlecommunity & connections: for a money making music machine- Simon Fullers “Idol” relationship as partnerships in which he receive from 25 to 50 percent of all earnings. - The London times estimate Fuller earns over $ 150 annually. Events-physical link, creating community Running of show, creates values& extends, community /relationships. Voting Forms, psychological link-creates relationships. All lead to product sales And all lead to record/concert