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Chapter 11, Problem 1LO
Summary Introduction

To discuss: The objectives, the process, and the scope of marketing.

Marketing is the process of planning and executing the conception, promotion, pricing, and distribution of ideas, goods and services to develop exchanges that fulfills individual and organizational objectives.

Expert Solution & Answer
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Explanation of Solution

Following are the main objectives of marketing:

  • Creation of demand
  • Customer satisfaction
  • Market share
  • Generation of profit
  • Creation of goodwill and public image

The scope of marketing are as follows:

  • Goods
  • Services
  • Events
  • Experiences
  • Persons
  • Places
  • Properties
  • Organizations
  • Information 
  • Idea

 The process of marketing is as follows:

  • Define the mission statement.
  • Conduct a SWOT, 5C’s or PEST analysis.
  • Create a marketing strategy
  • Plan the marketing mix
  • Execute the process
  • Measure the results.

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Chapter 11 Solutions

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