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CHAPTER 1 - An Overview of Marketing

Chapter 1 provides an overview of marketing, defining it as the activity and processes for creating and exchanging value for customers and society. It discusses the marketing mix elements (Product, Price, Place, Promotion) and various marketing management philosophies, including production, sales, market, and societal orientations. Additionally, it highlights the importance of understanding the external marketing environment, including social, demographic, economic, technological, political, legal, and competitive factors.

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9 views13 pages

CHAPTER 1 - An Overview of Marketing

Chapter 1 provides an overview of marketing, defining it as the activity and processes for creating and exchanging value for customers and society. It discusses the marketing mix elements (Product, Price, Place, Promotion) and various marketing management philosophies, including production, sales, market, and societal orientations. Additionally, it highlights the importance of understanding the external marketing environment, including social, demographic, economic, technological, political, legal, and competitive factors.

Uploaded by

Cat can eat Squirrel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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CHAPTER 1

An Overview of Marketing
LEARNING OUTCOMES

1.1 Overview of marketing


1.2 Elements of marketing mix (4P’s)
1.3 Marketing management philosophies
1.4 External marketing environment
LO 1 : Overview of marketing
Definition of Marketing
The American Marketing Association’s definition of marketing focuses
on the second facet. 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.
Marketing involves more than just activities performed by a group of
people in a defined area or department.
LO 2 :Elements of marketing mix (4P’s)

The Four Ps ct Pla


u ce
1. Product rod
P
2. Price
3. Place
4. Promotion
Pr n
i ce o tio
rom
P
LO 3 :Marketing management philosophies
Orientation Focus is on…

Production internal capabilities of the firm

Sales aggressive sales techniques and belief


that high sales result in high profits

satisfying customer needs and wants


Market while meeting objectives

satisfying customer needs and


Societal wants while enhancing individual and
societal well-being
LO 4 : External marketing environment

• External environment/factors (outside the firm) where firms


work and compete, it is that things are constantly changing.

• If the organization doesn’t understand or fails to react to the


changing world around it, it will soon be a follower rather
than a leader. In the worst case scenario, the firm might
disappears.
LO 4 : External marketing environment
External Environment
Internal (uncontrollable) Social
(within the Social
Factors
Factors
organization) Demograp
Demograp
Marketing mix hics
hics
Product
Product Economic
Economic
Distributi
Distributi Factors
Factors
on
on
Promotio
Promotio
nn
Price
Price Competiti
Competiti
on
on Target Market
Political
Political&&
Legal
Legal
Technolo
Technolo Factors
Factors
Environmental gy
gy
Scanning
Social Factors
• Values, Attitudes & Lifestyles
• The Changing Role of Families and Working Women
• There Is Never Enough Time
Demographic Factors
Demography - The study of people’s vital statistics, such as their
age, race, ethnicity, and location.

The Cohorts
• Tweens : Ages 9–14
• Teens : Ages 13–19 Gen Z ???
• Gen Y : Born between 1979–1994
• Gen X : Born between 1965–1978
• Baby Boomers : Born between 1946–1964
Economic Factors
• Marketing managers must understand and react to the
economic environment.

• The three economic areas of greatest concern to most


marketers are consumers’ incomes (purchasing power),
inflation, and recession.
Technological Factors
• Research
• Global innovation
Political and Legal Factors
• Federal Legislation
• State Laws
• Regulatory Agencies
Competitive Factors
• Competition for Market Share and Profits
• Global Competition

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