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Jason C. H. Chen, Ph.D. Professor School of Business Administration Gonzaga University Spokane, WA 99223 chen@jepson.gonzaga.edu;OPENING VIGNETTE;;MARKETING;;;;Marketing is the business function that deals with customers’ unfulfilled needs and wants. The role of marketing in organizations is to identify and measure customer needs and wants, determine which target markets the organization can serve, decide on the appropriate products and services to serve these markets, and determine the optimal methods of pricing, promoting, and distributing the products or services. Successful organizations are those that integrate the objectives and resources of the organization with the needs and opportunities in the marketplace.;In today’s competitive environment, market-oriented thinking is a necessity. A successful implementation of the marketing concept requires knowledge of the internal (company) and external (competitors and customers) environments, and how they are influenced by marketing mix variables -- product, price, distribution, and promotion. ;What is Marketing?;Marketing;;;The Importance of Marketing;Marketing as an Organizational Philosophy;Three Marketing Philosophies;Three Marketing Philosophies;Three Marketing Philosophies;Three Marketing Philosophies;The Marketing Concept;Customer satisfaction;Building Customer Equity;Three Ways to Increase Customer Equity;Building Customer Equity Integrates:;Exhibit 1-1: Customer equity relationships (process);3 Keys to Building Customer Equity;Customer Value;Marketing as a Societal Process;Marketing as a Societal Process;Marketing as a Societal Process;Marketing Concerns in Eastern Europe;Marketing is a Process Consisting Of:;Marketing Exchanges;;Marketing Strategies/Decisions;A Marketing Strategy;A Marketing Strategy – showing the 4 P’s of a Marketing Mix;Exhibit 1-5: Marketing Mix Decisions;Exhibit 1-6: Marketing strategies;Marketing Activities;Marketing Positions;;;A Contemporary Marketing Framework;Exhibit 1-10: