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Chapter 1

Chapter 1 Summary

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Peter Johnson

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MarketingChapter 1 1162012 Marketing is defined as the activity for creating communicating delivering and exchanging offerings that benefit the organization its stakeholders and society at large To serve both buyers and sellers marketing seeks 1 to discover the needs and wants of prospective customers and 2 to satisfy them For marketing to occur at least four factors are required 1 Two or more parties with unsatisfied needs 2 A desire and ability on their part to be satisfied 3 A way for the parties to communicate 4 Something to exchange What is a Market A market is people with the desire and ability to buy a specific product Who Markets Everyone markets all companies cities even every single person markets themselves whether it be for a job a date or getting picked for a team What is marketed You name it it is marketed goods services ideas experiences are all marketed Social Marketing is designed to influence the behavior of individuals by which benefits accrue to those individuals or the society in general and not to the marketer Antismoking campaigns are an example of social marketing Who buys and uses what is marketed Both individuals and organizations buy and use goods and services that are marketed The ultimate consumers also known as the end users are people who use the goods and services purchased for a household The organizational buyers or middle man are units such as manufacturers retailers or g
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