LessonNineTextAMarketing.pptVIP

Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to created exchanges that satisfy individual and organizational objectives. Marketing adds value in the form of utility, or the power of a product or service to satisfy a need. It creates place utility by making products available where customers want them, time utility by making products available when customers want them, and possession utility by transferring the ownership of products to buyers. paragraph 1 Business people focused on the production of goods from the Industrial Revolution until the early twentieth century, and on the selling of goods from the 1920s to the 1950s. Marketing received little attention up to that point. After 1950, however, business people recognized that their enterprises involved not only production and selling but also the satisfaction of customers’ needs. They began to implement the marketing concept, a business philosophy that involves the entire business organization in the dual process of satisfying customer needs and achieving the organization’s goals. paragraph 2 Implementation of the marketing concept begins and ends with marketing information about customers---first to determine what customers need, and later to evaluate how well the firm is meeting those needs. paragraph 3 A market consists of people with needs, the ability to buy, and the desire and authority to purchase. Markets are classified as consumer and industrial markets. paragraph 4 A marketing strategy is a plan for the best use of an organization’s resources to meet its objectives. Developing a marketing strategy involves selecting and analyzing a target market and creating and maintaining a marketing mix that will satisfy that market. A target market is chosen through the total market approach or the market segmentation approach. A market segment is a group of individuals or organizations within a marke