MKT 3401 Lecture : Marketing 3401 Notes January 16
Document Summary
Marketing is a philosophy, attitude, perspective or management orientation that stresses customer satisfaction. It is also an organizational activity, set of institutions and processes. Marketing entails processes that focus on delivering value and benefits to customers, not just selling goods and services. Conditions for exchange: at least two parties, something of value, communication and delivery, freedom to accept or reject, desire to deal with other parties. Exchange may not take place even if conditions are met. But, marketing can occur even if exchange doesn"t take place. The four marketing management philosophies: production- the focus is on internal capabilities of the firm. It doesn"t consider if what is produced meets market needs: sales- aggressive sales techniques and belief that high sales result in high profits. Despite the quality of sales force, often cannot convince people to buy what is neither wanted nor needed: market- satisfying customer needs and wants while meeting objectives.
