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  3. Colorado State University-Pueblo
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  5. MKTG 340

Summary

Summary An Overview of Marketing
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Unlock your academic potential with our comprehensive Principles of Marketing study guide, meticulously designed for students striving to excel in their marketing courses. This in-depth guide covers all essential marketing concepts, offering clear explanations, key definitions, and detailed insight...

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  • Chapter 1
  • August 30, 2024
  • 3
  • 2024/2025
  • Summary

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8/30/24, 11:25 AM OneNote


Chapter 1
Wednesday, August 21, 2024 9:27 PM



Objectives
1-1
Define marketing.
1-2
Explain the different variables of the marketing mix.
1-3
Describe how marketing creates value.
1-4
Briefly explore the marketing environment.
1-5
Summarize the marketing concept.
1-6
Identify the importance of building customer relationships.
1-7
Explain why marketing is important to our global economy.

Marketing-The process of creating, distributing, promoting, and pricing goods, services, and
ideas to facilitate satisfying exchange relationships with customers and to develop and
maintain favorable relationships with stakeholders in a dynamic environment.

Our definition is consistent with that of the American Marketing Association (AMA), which
defines marketing as “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.”

Through buyer–seller interaction, a customer develops expectations about the seller’s future
behavior. To fulfill these expectations, the marketer must deliver on promises made.

The marketing mix variables—which include product, distribution, promotion, and price—are
often viewed as controllable because they can be modified.
Competitive forces, economic conditions, political forces, laws and regulations, technology,
and sociocultural forces shape the decision-making environment for controllable variables.




Target market- A specific group of customers on whom an organization focuses its marketing
efforts.



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