Principles of Marketing. “Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and.

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Presentation transcript:

Principles of Marketing

“Marketing is 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.” AMA Board

Current Definition of Marketing l “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” AMA 2007

The Four Ps: l Products - anything offered to a market l Pricing - value to be exchanged for the product l Promotion - marketing communication l Place - movement of product to point of purchase/consumption

An exchange is a trade of values between two or more parties. Exchange does not include: l Self-Production l Gifts l Coercion

Micro-marketing is 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.

Macro-marketing is a social process that directs an economy’s flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society.

Economic Utilities l Form Utility l Task Utility l Place Utility l Time Utility l Possession Utility

What kinds of utility are being created by each of the following? l One-Hour Photo Processing l 7-Eleven Convenience Store l GM Assembly Plant l Arbor Place Mall l Hertz Car Rental l Domino’s Pizza Delivery l Windows XP l Merrill Lynch

Marketing’s Role in: l Planned Economic Systems l Market-Directed Economic Systems l Micro-Macro Dilemma

Stages of Economic Development l Stage 1 - Self-supporting agriculture l Stage 2 - Preindustrial or commercial l Stage 3 - Primary manufacturing l Stage 4 - Nondurable and semidurable consumer products manufacturing l Stage 5 - Capital equipment and consumer durable products manufacturing l Stage 6 - Exporting manufactured products

Misc. Terms and Concepts l Tariffs l Quotas l Countertrade l NAFTA l Economies of Scale l Intermediaries (Middlemen) l Facilitators l Innovation