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1
Chapter 1
 
(Plus Section of Chapter 2)
Marketing: ManagingProfitable CustomerRelationships
 
2
What is Marketing?
 
(pp.5, 10)
“… a social and managerial process by whichindividuals and groups obtain what theyneed and want through creating andexchanging products and value withothers.”
(p. 5)
“… bring(ing) about profitable exchangerelationships by creating value andsatisfying needs and wants.”
(p. 10)
 
3
What is Marketing?
 
(p. 5)Simplest definition:
“Marketing is managing profitablecustomer relationships”
Attracting
new
customers (by promisingsuperior value)
Retaining and growing
current
customers(by delivering value and satisfaction)
“Marketing” is not synonymous with“sales” or “advertising.”
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