The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services

to create exchanges that satisfy individual and organizational objectives.

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• Product: any good, service, or idea that satisfies a need or want and can be offered in an exchange; • Good: a tangible object, something that can be seen and touched; • Service: an intangible product that often involves human or mechanical effort; • Idea: a philosophy, concept or image.

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The tangibility determination if the product is a good or service.

Salt Soft drinks Liquid Soap Cars Fast Food

Cosmetics

Fast Food

Publicity Agency

Air Plane Companies Consulting Investment Education Administration

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• Exchange: the process of obtaining a desired product from another party by giving that party something in return

• Need: something that is required for basic human survival – water, food, shelter, or clothing. • Want: something that is desired but not required for basic survival.

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Marketing Evolution Production era: the period of creating goods that began in 1600s with the colonization of America and continued into the early part of the twentieth century Sales era: the period from the mid-1920s to the early 1950s during which businesses looked on sales as the major means of increasing profits. Marketing era: customer-oriented period beginning in the early 1950s and continuing today in which businesses determine customer needs first and then develop products that satisfy those needs; the era that gave rise to the marketing concept
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Societal marketing: a management philosophy that considerers the welfare of society as well as the interests of the firm and its customers

Marketing strategy: a plan for selecting and analyzing a target market and developing and maintaining a marketing mix that will satisfy this target market

Target market: a group of consumers at whom an organization directs its marketing efforts

Marketing mix: the combination of four elements: product, price, distribution, and promotion.

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• Marketing environment: the forces of competition, regulation, politics, society, economic conditions, and technology surrounding the target market (buyers) and the marketing mix.

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Marketing Environment
Society Government Competitors

Regulatory Agencies

Economic Conditions Technology

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COMPETITION: firms that market similar or substitutable products in the
same geographic area; in general, the rivalry among businesses for consumer money.

Oligopoly
Monopoly homogeneous differentiated

Monopolistic competition

Perfect competition

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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.

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