September 2, 2008
Marketing is not only
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