Chapter 1 An Overview of Marketing LO 1 What is Marketing marketing 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 exchange people giving up something in order to receive something they would rather have o must be at least 2 parties o o o o each party has something of value to the other each party is capable of communication delivery each party is free to accept reject offer each believes it is ok to deal with other party LO 2 Marketing Management Philosophies 4 competing philosophies influence an organization s marketing processes production orientation focuses on the internal capabilities of the firm rather than on the desires needs of the marketplace sales orientation people will buy more goods services if aggressive sales techniques are used and that high sales results in high profits market orientation sale does not depend on an aggressive sales force but rather on a customer s decision to purchase a product o marketing concept social economic justification for an organization s existence is the satisfaction of customer wants needs while meeting organizational objectives societal marketing orientation an organization exists not only to satisfy customer wants needs and to meet organizational objectives but also to preserve or enhance individuals and society s long term best interests LO 3 Differences Between Sales Market Orientations customer value relationship between benefits and the sacrifice necessary to obtain those benefits customer satisfaction customer s evaluation of a good service in terms of whether it has met their needs expectations relationship marketing strategy that focuses on keeping and improving relationships with current customers empowerment delegation of authority to solve customers problems quickly teamwork collaborative efforts of people to accomplish common objectives
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