Chapter 1 – Scope of Marketing for New Realities
I) The Value of Marketing
Financial success of a company often depends on marketing ability. Marketing has introduced
or enhanced products that ease or enrich people’s lifes. It builds demand for products and
services which created jobs.
II) The Scope of Marketing
To be a marketer, you need to understand what marketing is, how it works, who does it, and
what is marketed.
What is Marketing?
Marketing is about identifying and meeting human and social needs. One of the shortest good
definitions of marketing is “meeting needs profitably.”
American Marketing association à 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 management is the art and science of choosing target markets and getting, keeping,
and growing customers through creating, delivering, and communicating superior customer
value.
Selling is not the most important part of marketing. The aim of marketing is to know and
understand the customer so well that the product of service fits and sells itself.
What is Marketed?
- Goods
- Services: includes the work of airlines, hotels, car rental firms, barbers…
- Events: marketers promote time-based events for example major trade shows, artistic
performances… Also, global sporting events such as the Olympics and the Work cup
are aggressively promoted
- Experiences
- Persons: Artists, musicians, CEOs etc. often get help from marketers.
- Places: Cites, states, regions and countries compete to attract tourists.
- Properties: they can be bought or sold and require marketing through the efforts of real
estate agents, investment companies and banks.
- Organizations: Museums, corporations for example use marketing to boost their image
and compete for audience and funds.
- Information
- Ideas: Every market needs a basic idea. Products and services are platforms for
delivering some idea or benefit.
Who Markets?
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I) The Value of Marketing
Financial success of a company often depends on marketing ability. Marketing has introduced
or enhanced products that ease or enrich people’s lifes. It builds demand for products and
services which created jobs.
II) The Scope of Marketing
To be a marketer, you need to understand what marketing is, how it works, who does it, and
what is marketed.
What is Marketing?
Marketing is about identifying and meeting human and social needs. One of the shortest good
definitions of marketing is “meeting needs profitably.”
American Marketing association à 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 management is the art and science of choosing target markets and getting, keeping,
and growing customers through creating, delivering, and communicating superior customer
value.
Selling is not the most important part of marketing. The aim of marketing is to know and
understand the customer so well that the product of service fits and sells itself.
What is Marketed?
- Goods
- Services: includes the work of airlines, hotels, car rental firms, barbers…
- Events: marketers promote time-based events for example major trade shows, artistic
performances… Also, global sporting events such as the Olympics and the Work cup
are aggressively promoted
- Experiences
- Persons: Artists, musicians, CEOs etc. often get help from marketers.
- Places: Cites, states, regions and countries compete to attract tourists.
- Properties: they can be bought or sold and require marketing through the efforts of real
estate agents, investment companies and banks.
- Organizations: Museums, corporations for example use marketing to boost their image
and compete for audience and funds.
- Information
- Ideas: Every market needs a basic idea. Products and services are platforms for
delivering some idea or benefit.
Who Markets?
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