MKT 3343 Chapter 1: Chapter 1 Marketing Book Notes

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Marketing MKT 3343

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Chapter 1: Creating Customer Relationships and Value through Marketing WHAT IS MARKETING? Marketing: Delivering Benefits to the Organization, Its Stakeholders, and Society LO 11: Define marketing and identify the two primary goals of marketing. Marketing: The activity for creating, communicating, delivering, and exchanging offerings that benefit customers, the organization, its stakeholders, and society at large. Marketing seeks (1) to discover the needs and wants of prospective customers and (2) to satisfy them Individuals buying for themselves and their households Organizations buying for their own use (such as manufacturers) or for resale (such as wholesalers and retailers). In order to achieve these two objectives, we: Exchange: The trade of things of value between buyer and seller so that each is better off after the trade. The Diverse Elements Influencing Marketing Actions The marketing department facilitates relationships, partnerships, and alliances with the organizations customers, it shareholders (or often representatives of nonprofit organizations), its suppliers, and other organizations. Environmental forces involving social, economic, technological, competitive, and regulatory considerations also shape and orgs marketing actions. Marketing decisions are affected by society and often have an important impact.
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