Defining Marketing For The 21st Century

Submitted By impala63
Words: 7637
Pages: 31
Open Document
Part I - Understanding Marketing Management
Chapter 1 - Defining Marketing for the 21st Century
I. Chapter Overview/Objectives/Outline
A. Overview
Marketing is the organizational function charged with defining customer targets and the best way to satisfy needs and wants competitively and profitably. Since consumers and business buyers face an abundance of suppliers seeking to satisfy their every need, companies and nonprofit organizations cannot survive today by simply doing a good job. They must do an excellent job if they are to remain in the increasingly competitive global marketplace. Many studies have demonstrated that the key to profitable performance is to know and satisfy target customers with competitively superior offers. This process takes place today in an increasingly global, technical, and competitive environment.

Marketing management is the conscious effort to achieve desired exchange outcomes with target markets. The marketer’s basic skill lies in influencing the level, timing, and composition of demand for a product, service, organization, place, person, idea, or some form of information.
There are several alternative philosophies that can guide organizations in their efforts to carry out their marketing goal(s). The production concept holds that consumers will favor products that are affordable and available, and therefore management’s major task is to improve production and distribution efficiency and bring down prices. The product concept holds that consumers favor quality products that are reasonably priced, and therefore little promotional effort is required. The selling concept holds that consumers will not buy enough of the company’s products unless they are stimulated through a substantial selling and promotion effort.
The marketing concept moves toward a more enlightened view of the role of marketing. The marketing concept holds that the main task of the company is to determine the needs, wants, and preferences of a target group of customers and to deliver the desired satisfactions. The four principles of the marketing concept are: target market, customer needs, integrated marketing, and profitability. The marketing concept places primary focus on the needs and wants of customers who comprise the target market for a particular product.
Rather than coax customers into purchasing a product they may not find satisfying, the emphasis is on determining the types of markets to be satisfied, and creating the product that achieves this satisfaction objective. Choosing target markets and identifying customer needs is no small task; a marketer must dig beyond a customer’s stated needs. Once this is accomplished, a marketer can offer for sale the products that will lead to the highest satisfaction. This encourages customer retention and profit, which is best achieved when all areas/departments of a company become “customer-focused.” Beyond the marketing concept, the societal marketing concept holds that the main task of the company is to generate customer satisfaction and long-run consumer and societal well being as the key to satisfying organizational goals and responsibilities.
Interest in marketing continues to intensify as more organizations in the business sector, the nonprofit sector, and the global sector recognize how marketing contributes to improved performance in the marketplace. The result is that marketers are reevaluating various marketing concepts and tools that focus on relationships, databases, communications and channels of distribution, as well as marketing outside and inside the organization.
B. Learning Objectives
Know why marketing is important to contemporary organizations.
Understand the core concepts of marketing.
Know the basic tasks performed by marketing organizations and managers.
Understand the differences between the various orientations to the marketplace.
Know the components of the marketing concept and why they are critical to successful marketing
Show More

Related Documents: Defining Marketing For The 21st Century

Chapter 7 Of The Chapter Of Chapter In Chapter 1

Vanessa Flores! Professor Doxey! College One! October 28, 2014! RRJ 9 Chapter 7! 1. In chapter 7 we actually meet and get to know Angie who introduces us to her then best friend, Duchess, who reminded her of Gwen Stefani. They both met in an alley way during a quinceanera. They both do not take a liking to quinceaneras because they are pointless so Angie told her mother, Cristina, she is a lesbian. We discover that Duchess was best friends with Aurora in elementary school until she started changing…

Words 655 - Pages 3

chapter 1 essay 1

Tyra Garrett Psy 2012 Prof. Smith February 5, 2015 Essay 1 Chapter 1 The seven major perspectives are biological, behavioral, psychodynamic, humanistic, cognitive, and evolutionary and last sociocultural. They all allow psychologist to understand behavior and mental processes. Biological approach is where phycologist focus on the brain and the nervous system basically the body. The behavioral approach focuses on observing behavior. The psychodynamic approach emphasizes on unconscious thought…

Words 451 - Pages 2

Chapter 1 Essay

INTB 311 Diversity & Intercultural Communication Chapter 1: Culture B AC K S TAG E , O N S TAG E , C U LT U R E S H O C K , R E V E R S E C U LT U R E S H O C K , G E N E RA L I Z AT I O N S , S T E R E O T Y P E S , BIAS, PREJUDICE, ETHNOCENTRISM, ASSUMPTION OF SUPERIORITY, ASSUMPTION OF UNIVERSALITY, SELFR E F E R E N C E C R I T E R I A , C U LT U RA L I N T E L L I G E N C E . INTB 311 Diversity & Intercultural Communication Culture & Communication Why is understanding culture important…

Words 1588 - Pages 7

Essay on Chapter 1

1/14/2012 Chapter 1 Introduction Chapter 1 - Slide 1 Chapter Goals 1. Distinguish between international and domestic marketing. 2. Describe the global environment in which marketing takes place. 3. Show a variety of ways in which a firm may practice international marketing. 4. Discuss current global trends affecting global marketing. Chapter 1 - Slide 2 The Concept of Global Marketing • Global marketing has become important to companies around the world for three reasons: 1. Foreign markets…

Words 1217 - Pages 5

Essay on chapter 1

Shahin Fattahian Acct – 205 Homework Chapters 1 & 2 1-4) a) As of September 30th 2014, 526 foreign companies are on the NYSE per the link below, from 47 different countries. https://www.nyse.com/publicdocs/nyse/listing/CurListofallStocks.pdf b) Per link above, the 5 countries with the largest number of foreign companies on the NYSE are: Canada (150), China (72), Brazil (26), U.K. (32), and Bermuda (22). c) The US is the largest economy in the world with the largest stock market, including…

Words 541 - Pages 3

Chapter 1 Essay

Chapter 1 #4 (a) Review & membership PMI is the world's leading not-for -profit professional membership association for the project, program and portfolio management profession. PMI involves in nearly every country in the world through global advocacy, collaboration, education and research. PMI is founded in 1969 and currently deliver more than 2.9 million professionals. HIS (Human Systems Internationals) provides benchmarking services to leading business and government as part of PMI family. As…

Words 804 - Pages 4

Chapter 1 Essay

Washington in private jets to ask for handouts from taxpayers. But did they cause the global financial crisis? 1 Getting Started When you have completed your study of this chapter, you will be able to 1 CHAPTER CHECKLIST 1.1 DEFINITION AND QUESTIONS All economic questions and problems arise because human wants exceed the resources available to satisfy them.  Scarcity 1 Define economics and explain the questions that economists try to answer. 2 Explain the core ideas that define…

Words 1356 - Pages 6

chapter 1 Essay

After Reading the chapter-- Focus on the opening story Titled" Apple and Steve Jobs: Business Leadership as Art. Written Assignment Questions: 1. How true are the statements in the story? Give one example to support your response. The statements in this story are very true. For example “Jobs was passionately committed to innovation.” He didn’t stop at making one generation of productions, he succeeded to making many. He made his technology very simple to ensure consumers would buy it. He made…

Words 467 - Pages 2

Nt1430 Chapter 1

NT1430 LINUX Chapter’s 1 / 2 / 3 and 11 Jason Houlden Chapter 1: #1, 4: The code is available free of cost no charge for the software, source, documentation, orsupport.3 Characteristics would be that you are free to study it, redistribute it, and modify it. The Free Software Foundation is the principal sponsor of the GNU Project. GNU developed many of the tools, which are part of the GNU/Linux Operating System. Linux is the name of an operating system kernel developed by Linus Torvalds and expanded…

Words 370 - Pages 2

Principles 1 Chapter 1 1 Essay

prepared to work and to study REGULARLY. Dr. Ziska Chapter 1 Life: Chemical, Cellular and Evolutionary Foundations CHAPTER 1 OUTLINE/CORE CONCEPTS 1.1 The Scientific Method The scientific method is a deliberate way of asking and answering questions about the natural world. 1.2 Chemical and Physical Principles Life works according to fundamental principles of chemistry and physics. 1.3 The Cell The fundamental unit of life is the cell. CHAPTER OUTLINE/CORE CONCEPTS 1.4 Evolution Evolution explains…

Words 3123 - Pages 13