What is Marketing?

What is the American Marketing Association's definition of marketing?

"The activity,set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large."

What is Kotler & Armstrong's definition of marketing?

"The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return."

List the five steps of the marketing process

- Understand needs + wants -design strategy -construct integrated program -build relationships -capture VALUE from customers

By what three actions is Marketing Orientation defined?

- focusing on customer wants + needs to differentiate - integrating all the org's activities to satisfy these wants - achieving the org's LT goals by satisfying customer wants + needs legally and responsibly

List the 5 Management Philosophies

- production concept - product concept - selling concept - marketing concept - societal marketing concept

Describe production concept

Field of Dreams orientation "If you build it, they will come" Does not consider if product meets market needs

Describe selling concept

Focus on quality of sales force, try to sell even if it is either needed nor wanted

What is Marketing's core competence?

Knowledge of customers and relationships with them is the core competence of marketing—a necessity for any company to fulfill its revenue and profit potential

Describe product concept

Make it the best: consumers favor products that offer the most quality, performance, and innovation

What does marketing entail?

Marketing entails processes that focus on delivering value and benefits to customers, not just selling goods and services

Describe societal marketing concept

Org must satisfy customer wants AND build on society's long term interests (e.g. sustainability)

Describe Marketing orientation

focus on customer's needs + wants in all aspects of business