MKTG 360 1nd Edition Lecture 1Outline of Current Lecture 1. What is Marketing2. American Marketing Association Definitions3. Needs, Wants, and StakeholdersCurrent Lecture1. What is marketing?a. Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. (2004)b. Marketing is 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. (AMA, 2013).c. Marketing is about meeting needs.d. Marketing is about delivering value to all people affected by a transaction.2. American Marketing Association Definitions:a. OLD: Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. (2004)b. NEW: Marketing is 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. (AMA, 2013).3. Needs, Wants, and Stakeholdersa. Needsi. Difference between actual and desired state b. Wantsi. Desire to satisfy needs in a certain way c. Benefiti. The outcome customer desires; meets a need or a wantd. ExchangeThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.i. Transferring value from buyer to sellere. Demandi. Desire for product/service + resources to pay for itf. Marketi. Collection of people who have a need for a product/service, and are willing and able to spend the resources necessary to obtain itg. Stakeholdersi. Anybody who has a “stake” in outcome of the product or serviceii. Seller, buyer, investor, community, or place where product
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