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The Meaning of Marketing

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Chapter Objectives

1. What is marketing?

2. What is the marketing concept? How has marketing changed?

3. What are marketing functions? Who performs them?

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Objective 1

What is marketing?

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Marketing is an organizational function

and a collection of processes designed to plan

for, create, communicate, and deliver value to

customers and to build effective customer

relationships in ways

that benefit the

organization and its

stakeholders.

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Marketing

Develop Price Promote

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Marketing

Value $

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Marketing

Need Want

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Marketing

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Objective 2

What is the marketing concept? How

has marketing changed?

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The Marketing Concept is an

organizational philosophy dedicated to

understanding and fulfilling consumer

needs through the

creation of value.

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Marketing Concept

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Marketing Concept

Commitment to delivering superior customer satisfaction.

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Evolution of Marketing

ProductionOrientation

SalesOrientation

ConsumerOrientation

RelationshipOrientation

1850 1950 Today

1908Model T 1st Sold

1929Great Depression

1945World War II Ends

Seller’s Market Buyer’s Market

1980’sGlobal Competition

19801930

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Objective 3

What are marketing functions? Who

performs them?

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Marketing Functions are activities

performed within organizations that

create value for specific products or

services.

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Marketing Functions

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The Importance of Marketing

“…the business enterprise has two – and only these two –basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs.”

- Peter Drucker

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Marketing Functions

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The 4 P’s of Marketing

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Visual Summary