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Learning Outcomes 1-1 Define the term marketing 1-2 Describe four marketing management philosophies 1-3 Discuss the differences between sales and market orientations 1-4 Describe several reasons for studying marketing © 2019 Cengage. All rights reserved. What is Marketing? (slide 1 of 2) • Marketing: 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 – American Marketing Association (AMA)’s definition • Has two facets – It is a philosophy, an attitude, a perspective, or a management orientation that stresses customer satisfaction – It is an organization function and a set of processes used to implement this philosophy © 2019 Cengage. All rights reserved. What is Marketing? (slide 2 of 2) • Exchange: people giving up something in order to receive something else they would rather have • Conditions for an exchange: – At least two parties must be involved – Something of value must be present – Parties are capable of communication and delivery – Each party is free to accept or reject the offer – Desire to deal with the other party exists © 2019 Cengage. All rights reserved. Marketing Management Philosophies • Four competing philosophies strongly influence an organization’s marketing processes – Production orientation – Sales orientation – Market orientation – Societal marketing orientation © 2019 Cengage. All rights reserved. Production Orientation • Production orientation: a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace – Management assesses its resources and asks questions regarding their strengths and capabilities – Does not consider if the goods and services produced by the firm meets the needs of the marketplace – Product-oriented firms can survive if competition is weak or demand exceeds supply • What can we make or do best? © 2019 Cengage. All rights reserved.
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