DEFINING MARKETING FOR 21st CENTURY

What is marketing?
Marketing is meeting needs profitably. From a managerial point of view, marketing is the process of planning & executing the conception, pricing, promotion, & distribution of ideas, goods, & services to create exchanges that satisfy individual & organizational goals.

Marketing management is the art & science of choosing target markets and getting, keeping, & growing customers through creating, delivering & communicating superior customer value.

What is Marketed?

Goods Services Events Experiences Persons Places Properties Organizations Information Ideas

Who Markets?
Marketers & Prospects: A marketer is someone who seeks a response (attention, a purchase, a vote, a donation) from another party, called the prospect. If two parties are seeking to sell something to each other, we call them both marketers.

MARKETS
Traditionally, a market was a physical place where buyers & sellers gathered to buy & sell goods. Economists describe a market as a collection of buyers & sellers who transact over particular product or product class (e.g., the housing market or grain market).

KEY CUSTOMER MARKETS

Consumer Markets Business Markets Global Markets Nonprofit & Governmental Markets

Distinction:

MARKETPLACES, MARKETSPACES & METAMARKETS

How Business & Marketing Are Changing

Changing technology Globalization Deregulation Privatization Customization Heightened competition Industry convergence

Company Orientations Toward the Marketplace

The Production Concept. The Product Concept. The Selling Concept. The Marketing Concept.