Notes In Essentials of Marketing كتاب
A contemporary Approach Chapter one
The Nature of Marketing Learning objectives :
After studying this chapter, student should be able to :
1. Identify the contemporary approach to define marketing.
2. Understand the importance of marketing to society.
...
After studying this chapter, student should be able to :
1. Identify the contemporary approach to define
marketing.
2. Understand the importance of marketing to society.
3. Discuss the main objectives of marketing.
4. Understand the marketing process model.
5. Explain the main feature of modern marketing.
6. Identify the challenges face modern marketing.
Chapter one
The Nature of Marketing
1. What is marketing ?
Marketing offers many exciting, rewarding careers. It is a
growing profession that is short of qualified people. In
2012, Ad News reported an extreme shortage of senior
marketing professionals in Australia (Blight, 2012).
Marketing jobs are interesting; they require creativity, as
well as insight and analytical ability.
,Marketing scientists investigate how buyers buy and how
marketing works.
Evidence-based marketing uses discoveries from marketing
science to inform marketing decision making, just as
medical doctors base their advice on medical science.
Marketers make decisions about what products to offer and
to whom, what prices to charge, and how to advertise. Like
doctors, marketers use metrics to assess the health of their
brands and the impact of their marketing actions. Their job
is to maintain and build the market-based assets of physical
and mental availability that underpin their brand's sales
today and into the future. Marketers also play an important
part in ensuring that the company culture is customer
focused. However, the customer isn't always completely
right, and sometimes marketing seeks to shape customer
demands (for example towards healthier food options) to
deliver sustainable customer value and profits.
2. The rise of marketing :
The modern economy depends on trade. Marketing
professionals are the people that oversee that trading. They
also plan and research it, and compete against one another
to deliver offerings to the market. As a result, products and
services get produced that consumers actually want to buy,
,at a price they can pay. Marketing is trading – buying and
selling. If everyone, or every family, had to look after their
own needs entirely by themselves there would be no
trading , and no businesses. Now this might sound romantic
– growing your own vegetables, living a simple life – but if
everyone had to do this, the world would be a backward,
miserable place. Who among us knows how to make
ourselves a mobile phone ? Or even how to make a decent
cup of coffee (Which involves growing, harvesting and
roasting the beans, plus building an espresso machine)?
Most likely we'd be hungry and cold, living in a primitive
hut, and hoping like crazy that none of us gets a toothache
or anything that requires medical expertise. The marketing
revolution began about 10,000 years ago when human
beings made the transition from being hunter-gatherers to
farmers. The surplus crops had to be stored and counted
(which led to the development of accountancy) and guarded
(soldiers, police, security services), and these crops could
be traded for other desirable goods and services
(marketing). Trade created vale, and made everyone
wealthier. Trade meant that people's jobs became ever more
specialized : in addition to farmers, we developed doctors,
politicians, scientists, engineers and many others. It's other
remembering that our technological advances are all due to
, a market economy that allowed some people to specialize
as thinkers and researchers. Specialization – where one
person makes shoes, while another grows grapes, and
another provides legal services – creates a need for
marketing, and in turn the gains from marketing allow for
ever more efficient specialization ; artists, brain surgeons,
movie stars and even marketing scientists and marketing
students. The gains from specialization and trading have
been astonishing. When the marketing revolution was
starting some 10,000 years ago there were only five to ten
million people on the entire planet. They were all living
(short lives) in conditions that we would today describe as
miserable poverty. Today billions of people are supported
by food production and marketing systems that provide
amazing nutrition and variety. Since 1960s, marketing has
witnessed another evolution when it was steadily shifting
from being product-oriented to focus on the importance of
services marketing, after that to the importance of
marketing for not-for-profit sector. According to Kotler &
Fox (1995) marketing fits to be implemented in non-for-
profit as well as for profit institutions, but it needs to
manage exchanges in an effective and efficient manner;
Marketing can offer four benefits for institutions :
1- Greater success in achieving the institution's mission.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller docguru. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
