Chapter 1: An Overview of Marketing

Chapter 1: An Overview of Marketing
January 18, 2012
Definitions:

Marketing- the activity, set of institutions, and processes for creating, communication, delivering, and exchanging offerings that have value for customers, clients.
Marketing Concept- the idea that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objects.

Customer Value- the relationship between benefits and the sacrifice necessary to obtain those benefits.

Customer Satisfaction- Customers' evaluation of a good or service in terms of whether it has met their needs and expectations.

The 4 "P"s of Marketing-

1. Promotion
2. Product
3. Price
4. Place


The 4 Marketing Management Philosophies:

Production- What can we make or do best?
Sales- How can we sell more aggressively?
Market- What do customers want and need?
Societal- What do customers want and need, and how can we benefit society?


~The concept that was the most informative and intriguing to me is the 4 "P" of Marketing. Professor told us that we will be using the 4 "P"s not only throughout this class, but in the life of marketing. All marketing deals with one the 4.