Dive into the fundamentals of Marketing Management with this comprehensive notebook. Explore essential concepts such as market analysis, consumer behavior, and marketing strategies. Learn how to segment markets, identify target audiences, and manage brand presence effectively. This notebook provide...
, Chapter 1: Defining Marketing for the 21st Century
The Importance of Marketing
• Marketing is essential for a company to define itself.
• Marketing aims to:
○ Explain what makes the company/product different
○ Understand what customers are looking for
• Define and deliver the company’s value proposition.
• Financial success often depends on marketing ability
The Scope of Marketing
To prepare to be a marketer, you need to understand
What marketing is,
How it works,
who does it,
And what is marketed.
What Is Marketing?
Marketing is 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.
Marketing is about identifying and meeting human and social needs.
One of the shortest good definitions of marketing is “meeting needs profitably.
Marketing management: the art and science of choosing target markets and getting, keeping, and growing
customers through creating, delivering, and communicating superior customer value.
What Is Marketed?
GS EE II PPP O
Marketers market 10 main types of entities: goods, services, events, experiences, persons, places,
properties, organizations, information, and ideas
1. GOODS Physical goods constitute the bulk of most countries’ production and marketing efforts.
Each year, U.S. companies market billions of fresh, canned, bagged, and frozen food products and
millions of cars, refrigerators, televisions, machines, and other mainstays of a modern economy.
2. SERVICES As economies advance, a growing proportion of their activities focus on the production of
services. The U.S. economy today produces a 70–30 services-to-goods mix. Services include the work
of airlines, hotels, car rental firms, barbers and beauticians, maintenance and repair people, and
accountants, bankers, lawyers, engineers, doctors, software programmers, and management consultants.
Many market offerings mix goods and services, such as a fast-food meal.
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