Concept of Modern Marketing

6559 Words Feb 3rd, 2013 27 Pages
1
The Concept of Modern Marketing
Learning Objectives
By the end of this chapter, you should be able to:

focus

• Define marketing.
• Specify the three basic propositions of the marketing concept.
• Name and describe the four components of the marketing mix.
• List the five major environmental forces that affect marketing.

An exciting, dynamic discipline, marketing affects our daily lives in many ways. We are all consumers, and many people are part of the marketing process—as salespeople, advertising executives, retailers, product managers, and so forth. This course introduces you to the study of marketing, beginning in this chapter with a description of marketing, an overview of marketing management, and an explanation of the
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Production Era
In the early U.S. economy, most firms concentrated their talents and energies on producing as many goods as possible, both quickly and efficiently.
Products were often in limited supply and were sold as readily as they were
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THE CONCEPT

E

OF

MODERN MARKETING

3

xhibit 1–1
Development of Modern Marketing

Sellers'
Market

Production Era
(Produce as much as possible)

Sales Era
(Convince customers to buy what you have)

Buyers'
Market

Marketing Concept
(Give customers what they want)

available. Manufacturers, faced with brisk demand, had little need to worry about selling and generally relegated that job to a position of lesser status within the firm.
The Industrial Revolution was the major impetus for changes in marketing and commerce. The use of machinery and steam power to replace manual labor and the development of interchangeable parts by Eli Whitney, the “father of mass production,” were momentous economic advances.
Because products could be produced in large quantities, a need for largescale distribution arose. Mail-order houses, department stores, and other mass-distribution organizations developed during the early 1900s to meet this need.
Marketing was still considered less important than production during this era, however. Henry Ford’s widely quoted remark about the needs of automobile buyers, “They can have any color they want as long as it’s black,”

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