Chapter 1 01/28/2014
Marketing▯ is the activity, set of institutions and processes for creating capturing and communicating that
have value for customers or clients
Marketing plan▯ broken into various services: how the service will be conceived or designed, how much it
should cost, where and how t will be promoted, and how it will get to the consumer
Marketing: creates value, satisfying customer wants, entails am exchange, requires a product, price, place.
And promotion decisions, occurs in many settings, can be performed by both individuals and organizations.
Marketing requires Product, Price, Place, and Promotion Decisions.
“Marketing mix” are controllable activities that the firm uses to respond to the wants of the target market.
Product: creating value, product’s brand image
Price: capturing value, determine price based on buyers belief of its value
Place: delivering value, all the activities necessary to get the product to the right customer when the
customer wants it (supply chain mgmt ▯ techniques to integrate suppliers, manufacturers, warehouses,
stores, and other firms involved in the transaction.)
Promotion: communicating value, can enhance a products value (Calvin Klein)
Employment marketing ▯marketing program used to attract employment to a hiring firm
Product Orientation: around the 20 century firms were product oriented
Good product could sell itself