The Nature of Marketing Chapter One The Nature of Marketing

Objectives Define & discuss marketing in its broadened sense ID elements of the marketing mix Examine external environmental forces Introduce the marketing concept Recognize marketing's societal & economic contribution The social marketing concept Understand why it is important to study marketing

Bringing Buyers and Sellers Together CONSUMER PRODUCER MARKETING

A Definition of Marketing “Marketing is the process of influencing voluntary exchange transactions in which one party to the transaction can be envisioned as a customer of the other, the marketer. The marketing process involves communication and requires a mechanism or system to carry out the exchange of the marketer’s product for something of value.”

Marketing: 5 Aspects Exchange mechanism Two or more parties Communication Each gives something up Each receives something

Relationship Marketing

What is a Market? Resources Potential Customers Willingness Ability

The Marketing Mix: An Overview Product Promotion Place Price

Product Tangible goods Service Intangible idea Total Product Concept

Place How do goods get to the customer? How quickly do they get there? In what condition will they arrive?

Promotion Advertising: Direct or Mass Media Personal Selling Publicity Sales Promotion

Promotion Inform Remind Persuade

Price

Marketing Mix: A Creative Activity Product Promotion Place Consumer Price

The Marketing Environment Uncontrollable External Marketing Environment Controllable Marketing Environment The Consumer

The Uncontrollable External Environment Economic and competitive forces Natural resources and physical factors Science and technology Political and legal forces Demographic forces Sociocultural forces

Business Philosophies Market Orientation Sales Orientation Production Orientation

The Marketing Concept 1st Consumer orientation 2nd Stress long-run success 3rd Adopt a cross-functional perspective

Marketing and Society Macromarketing “the delivery of a standard of living to society.”

Marketing and Society Micromarketing “having the right goods or services at the right time and the right place in the right assortment.”

Why Study Marketing? Career opportunities Emerging cross-functional nature of business Entrepreneurial opportunities More informed citizen and consumer Part of being an educated person For more information: http://zikmund.swcollege.com 6

Summary The function of marketing is to bring buyers and sellers together. The primary emphasis of marketing is an exchange process that involves two or more parties trading things of value.

Review Define & discuss marketing in its broadened sense ID elements of the marketing mix Examine external environmental forces Introduce the marketing concept Recognize marketing's societal & economic contribution The social marketing concept Understand why it is important to study marketing