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Chapter 1

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Department
Marketing
Course
MKT 100
Professor
Najam Saqib
Semester
Fall

Description
September 2, 2008 Marketing is not only  Advertising  Selling  Common sense Marketing – 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. Requirements for Marketing to Occur 2 or more parties with unsatisfied needs Both buyer and seller have needs Desire and ability to satisfy these needs Both buyer and seller must have the money to fulfill these needs A way for the parties to communicate Must know where the product is and if there’s a potential market Something to exchange Both buyer and seller exchange something of value Market – People with desire and ability to buy a specific product The Breadth and Depth of Marketing What is a market? A market is people with the desire and ability to buy a specific product Who markets? Every organization markets What is marketed? Goods, services, and ideas Who buys and uses? Both individuals and organizations buy and use good and services Who benefits? Consumers, organizations, and society Social Marketing – Marketing designed to influence the behaviour of individuals in which the benefits of the behaviour accrue to those individuals or to the society in general and not to the marketer. Ultimate Consumers – people (whether 80 or 8 months old), who use the goods and services purchased for a household. Organizational buyers – Those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale. Target Market – One or more specific groups of potential consumers toward which an organization direct its marketing program. Marketing Mix – The marketing manager’s controllable factors; the marketing actions of product, price, promotion, and place that he or she can take to create, communicate, and deliver value. Product A good, service, or idea to satisfy the consumers needs Price What is exchanged for the product Promotion A means of communication between the seller and buyer Place A means of getting the product into the consumer’s hands September 2, 2008 The Uncontrollable Forces Social Economic Technological
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