MKT 702 Lecture Notes - Lecture 1: American Marketing Association, Mobile Marketing, Disintermediation
Document Summary
Marketing is about identifying and meeting human and social needs. The american marketing association offers the following formal definition: 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. Marketing management takes place when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties. Thus we see marketing management as the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. Marketers market ten main types of entities: goods, services, events, experiences, persons, places, properties, organizations, information, and ideas. A marketer is someone who seeks a response attention, a purchase, a vote, a donation - from another party, called the prospect. If two parties are seeking to sell something to each other, we call them both marketers.
