1. Define what marketing is and discuss its core concepts.
2. Explain the relationships between customer value, satisfaction, and quality.
3. Define marketing management and understand how marketers manage demand and
build profitable customer relationships.
4. Compare the five marketing management philosophies.
5. Analyze the major challenges facing marketers headings into the next century.
Marketing is part of all of our lives and touches us in some way every day. To be successful each company that deals with customers on a daily basis must not only be customer-driven, but customer-obsessed. The best way to achieve this ...view middle of the document...
2. What is Marketing?
a. Creating customer value and satisfaction are at the very heart of modern
marketing thinking and practice.
b. A very simple definition of marketing is that it is the delivery of customer
satisfaction at a profit.
c. You already know a lot about marketing--it’s all around you.
d. Many people think of marketing only as selling and advertising.
1). Marketing is no longer “telling and selling.”
2). Marketing’s new sense is concerned with satisfying customer needs.
e. Marketing is defined as a social and managerial process by which individuals and
groups obtain what they need and want through creating and exchanging products
and value with others.
*****Use Key Term marketing Here; Use Chapter Objective #1 Here; Use Discussing
the Issues #1 Here; Use Figure 1-1 Here; Use Power Point 1-2, 1-3 Here*****
Needs, Wants, and Demands
c. Human needs are the most basic concept underlying marketing. A human need is
a state of felt deprivation.
1). Humans have many complex needs.
a). Basic, physical needs for food, clothing, warmth, and safety.
b). Social needs for belonging and affection.
c). Individual needs for knowledge and self-expression.
2). These needs are part of the basic human makeup.
d. Another concept in marketing is human wants. A human want is the form that a
human need takes as shaped by culture and individual personality.
e. Demands are human wants that are backed by buying power.
1). Consumers view products as bundles of benefits and choose products that give
them the best bundle for their money.
2). People demand products with the benefits that add up to the most satisfaction.
f. Outstanding marketing companies go to great lengths to learn about and
understand their customer’s needs, wants, and demands.
g. The outstanding company strives to stay close to the customer.
*****Use Key Terms needs, wants, and demands Here; Use Power Point 1-3, 1-4
Products and Services
h. A product is anything that can be offered to a market to satisfy a need or want.
A service is an activity or benefit offered for sale that is essentially intangible and
does not result in the ownership of anything.
1). The concept of product is not limited to physical objects and can include
persons, places, organizations, activities, and ideas.
2). Be careful of paying attention to the product and not the benefit being satisfied.
3). “Marketing myopia” is caused by shortsightedness or losing sight of underlying
customer needs by only focusing on existing...