Marketing Chapter 1

Marketing Definition

• Marketing involves developing and managing a product or service that satisfies the customer's needs.
• A service is an intangible product that involves human and/or mechanical efforts directed at people, such as hospital, schools, and transportation services.

Marketing Objectives

• The main objective of marketing is to make the product or service available to customers:
  • In the right place
  • At the right time
  • At the right quantity
  • At a reasonable price

Marketing Processes

• Marketing is a series of processes that deal with goods and services.
• The marketing process includes:
  • Manufacturing goods or providing services
  • Promoting
  • Distributing
  • Pricing goods or services

Marketing Opportunity

• A marketing opportunity exists when circumstances allow an organization to act towards reaching a particular group of customers and provide a favorable chance to sell its products.

Key Aspects of Marketing

• An intelligent marketer should:
  • Recognize that the product that satisfies customers today may not satisfy them in the future.
  • Offer different alternatives of the product to customers.

Marketing Forces

• The following forces strongly influence marketing:
  • Competitive forces
  • Economic forces
  • Political forces
  • Technological forces
  • Socio-cultural forces

Competitive Forces

• There are four types of competitive structures:
  • Monopoly: one firm manufactures a special product or provides a certain service.
  • Oligopoly: few manufacturers control the supply of a given product.
  • Monopolistic competition: many manufacturers control the supply of a given product.
  • Pure competition: numerous manufacturers produce a given product.