Principles of Marketing Chapter 1

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Chapter 1


• Define marketing and outline the steps in the marketing process • Explain the importance of understanding customers and the marketplace, and identify the five core marketplace concepts • Identify the key elements of a customer-driven market strategy and discuss the marketing management orientations that guide marketing strategy. • Discuss customer relationship management and identify strategies for creating value for customers and captures value from customers in return. • Describe the major trends and forces that are changing the market landscape in this age of relationships.


1. What Is Marketing?

2. Understand the Marketplace and Customer Needs
5. Building Customer Relationships

3. Designing a
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Organization should therefore devote its energy to making continuous product improvements.


• Selling concept is the idea that consumers will not buy enough of the firm’s products unless it undertakes a large scale selling and promotion effort


• Marketing concept is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do.


Starting point Selling concept



End Profits through sales volume


Existing products

Selling and promoting

Marketing concept


Customer needs

Integrated marketing

Profits through customer satisfaction

• Societal marketing concept is the idea that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-term interests, and society’s long-run interests.


Preparing an Integrated Marketing Plan and Program

• The marketing mix is the set of tools (four Ps) the firm uses to implement its marketing strategy. It includes product, price, promotion, and place. • Integrated marketing program is a comprehensive plan that communicates and delivers the intended value to chosen customers.

Building Customer Relationships


• The overall process of building and

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