MARK 3000

• Chapter 1

o LO 1- What is marketing?

▪ A set of activities

• Using the four P’s to deliver value and benefits to a targeted group of customers (target market)

▪ A company philosophy (the marketing concept/orientation)

• The objective of the company is to (1) satisfy consumer wants, and (2) meet organizational objectives.

• What does the consumer want?

▪ The four P’s

• Product (what are we making?)

o Can be a…

▪ Physical good

▪ Service

▪ Idea

• Price (how much are we charging?)

o Monetary, barter, etc.

• Place

o Where is the product available?

o How do we get the product where it needs to be?

• Promotion (how is the product communicated?)

o TV, internet, free samples, newspaper, etc.

▪ Exchange

• Exchange is a desired outcome of marketing.

• Five conditions of exchange

o At least two parties

o Each has something of value to the other

o Each is capable of communication and delivery

o Each is free to accept or reject the offer

o Each feels it appropriate or desirable to deal with the other

• Marketing can occur even if exchange doesn’t

o LO 2- Marketing management philosophies

▪ Other orientations

• Production

o Focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.

o As long as it is produced efficiently and free of defects, it will succeed.

o Key question: what does the firm do best?

o Falls short because it does not consider the idea that what the firm does best isn’t what the market wants.

• Sales

o Based on the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high