4. Utility The want satisfying power of a product or service. Production Form Utility Marketing Time Utility Place Utility Ownership (Possession) Utility
5. Marketing Textbook Definition: Organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
6. Definition of Marketing Paraphrased Marketing is planning and making the product, idea or service. It’s also pricing, promoting, and distributing it.
7. Today’s Global Marketplace Expanding US markets gives access to 6 billion international customers US market is attractive to foreign companies
8. Eras of Marketing Production Era Manufacturers produced a quality product then looked for someone to buy it “A good product will sell itself.”
9. Sales Era Assumption that a good sales force and advertising would convince customers to buy
15. Marketing Myopia Managements failure to realize competition Product oriented instead of customer oriented Nearsightedness Set way of thinking Boundaries No Imagination or creativity
16. Extending Traditional Marketing Boundaries Not-for-Profit Organizations Distribution between profit & not-for-profit is the bottom line (profitability) Market tangible products, special exhibits and educational classes. Difficult to set marketing objectives because of the lack of revenue and sales figures. Possible partnerships with profit organizations.
17. Nontraditional Marketing Person Marketing Authority Figures Political Candidates Celebrities Fictional Characters Place Marketing Tourism Cause Marketing Social Issues (continued)
