Framework Marketing Management Summary

In: Business and Management

Submitted By Liefsmarijn
Words 2406
Pages 10
Chapter 1 - Defining Marketing for the 21st Century
Questions to be answered 1. Why is marketing important? 2. What is the scope of marketing? 3. What are some fundamental marketing concepts and new marketing realities? 4. What are the tasks necessary for successful marketing management?

Reviewing important marketing concepts, tools, frameworks and issues.
The Importance of marketing * Creating demand * Introduce and gain acceptance of new products * Increasing demand creates jobs * Allow firms to more engage in socially responsible activities
The scope of marketing

Marketing is about identifying and meeting human and social needs. 1. Meeting needs profitably

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large. We see marketing management as the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value.

Important part of Marketing (Peter Drucker) The aim of marketing is to know and understand the customer so well that the product of service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to make the product or service available.

What is marketed
Marketers market 10 main types of entities: * Goods physical products * Services production of services * Events e.g. Olympic Games * Experiences e.g. Walt Disney * Persons e.g. Artists * Places e.g. Cities, natural parks * Properties e.g. Real Estate, stocks & Bonds * Organizations e.g. Universities, Supermarkets * Information e.g. Schools and Universities that distribute information…...

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