MARKETING
Value to Customers, Firms, and Society
What is Marketing?
• Is marketing just selling and advertising?
• What is marketing?
The performance of activities that seek to accomplish an
organization’s objectives by anticipating customer or client
needs and directing a flow of need-satisfying goods and
services from producer to customer or client.
Marketing Definition Dissected
1. Its active!!!
2. Focused on organizations objectives
3. Understands customer and client needs.
4. Directs flow of goods/services to customer/client.
Micro and Macro Marketing
• Macro-Marketing
A social process that directs an economy’s flow of goods
and services from producer to consumer in a way that
effectively matches supply and demand and accomplishes
the objectives of society.
Functions of Marketing
• Buying function
• Selling function
• Transportation function
• Storing function
• Standardization and grading
• Financing function
• Risk taking function
• Marketing information function
Economies
• Command Economy
Government officials decide what and how much is to be
produced and distributed by whom, when, to whom, and
why.
• Market-Directed Economy
The individual decisions of the many producers and
consumers make the macro-level decisions for the whole
economy.
Changing Role of Marketing
• Simple Trade Era
• The Production Era
• The Sales Era
• The Marketing Department Era
• The Marketing Company Era
Marketing Concept
An organization aims all its efforts at
satisfying its customers – at a profit.
• Production Orientation
Making whatever products are easy
to produce and then try to sell them.
• Marketing Orientation
Focusing the objective of a company
on supplying the customer with what
they need rather than what you want
to sell.
Marketing Ethics
• Micro-Macro Dilemma
• Social Responsibility
American Marketing Association
American Marketing Association
Criticisms of Marketing
ESSENTIALS OF
MARKETING
Perreault, William D. et. al. Essentials of
Marketing 12e, McGraw-Hill, 2010