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MKTG 611
Sean Doherty

CH. 1 MARKETING’S VALUE TO CONSUMERS, FIRMS AND SOCIETY W HAT ISM ARKETING A BOUT ? - Marketing create customer satisfactions - Customer satisfaction: extent to which a firm fulfills a customer’s needs, desires, and expectations - Marketing encourages research and innovation: the development and spread of new ideas, goods, and services - Drives down prices - Leads to fuller employmt and higher incomes H OW SHOULD W E DEFINE M ARKETING ? - Marketing: performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer - Tries to anticipate customer needs and meet those needs - Marketing occurs only when 2+ parties are willing to exchange something for something else, as opposed to pure subsistence economies: each family unit produces everything it consumes M ACRO -M ARKETING - Macro-Marketing: social process that directs an economy’s flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes society’s objectives - Universal function of marketing: buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market info - Marketing needed to overcome: o Discrepancies of:  Quality  Assortment o Separation:  Spatial Separation  Separation in Time  Separation of Info  Separation in Values  Separation of Ownership - Producers and consumers may benefit from: o intermediary: someone who specializes in trade rather than production Ex. Retailers and wholesalers o collaborators: firms that facilitate or provide 1+ of the marketing functions other than buying or selling Ex.Advertising agencies, marketing research firms, Internet providers, financial institutions o these 2 types of ppl also perform mktg functions - from a micro viewpoint, not every firm must perform all the functions and not all goods/services require all the functions at every level of production THE R OLE OF M ARKETING IN ECONOMIC SYSTEMS - All societies need an economic system to provide for their members’needs - Economic system: the way in which an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various ppl and group in the society. 2 types. Most economies are a mixture of the 2 extremes Command AKA planned economy: gov decides what, how, and who will produce to whom - works fairly well if the economy is simple and variety of offerings is small - may be necessary under certain conditions (war, drought)
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