Bundle: BUSN, 11th + MindTap Business, 1 Term (6 Months) Printed Access Card + MikesBikes-Intro Simulation, 1 term (6 months) Printed Access Card
11th Edition
ISBN: 9780357194836
Author: Marcella Kelly, Chuck Williams
Publisher: Cengage Learning
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Question
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
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
Bundle: BUSN, 11th + MindTap Business, 1 Term (6 Months) Printed Access Card + MikesBikes-Intro Simulation, 1 term (6 months) Printed Access Card
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