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Why explain what marketing is and how it’s used? When you hear the term “marketing,” what comes to mind? Based on what you know about marketing right now, what one word would you use to describe it? Take a moment to write it down. We’ll come back to it short...

Why identify the primary marketing activities of an organization? It’s springtime. You’ve just graduated from college, and the Instagram photos of you wearing your cap, gown, and huge smile are still fresh. But your mind has quickly turned to other things, ...

What Is a Value Proposition? We have discussed the complexity of understanding customer perceptions of value. As the company seeks to understand and optimize the value of its offering, it also must communicate the core elements of value to potential customers...

What Is Value? Earlier in this module we discussed that marketing exists to help organizations understand, reach, and deliver value to their customers. In it’s simplest form, value is the measure of the benefit gained from a product or service relative to the...

Define and communicate an organization’s value proposition in a competitive marketplace Once you know your target market, you must have a compelling way to communicate your value proposition. This requires the marketer to answer a number of questions: What...

Whom Are You Trying to Reach? Suppose you are selling automotive detailing products. Is your target “anyone with money to pay for your product?” Or are you focusing your efforts on a tightly defined market niche of people with an identified need for what yo...

Briefly explain the concepts of segmentation and targeting We have established that the customer is at the center of marketing and arguably of business, as well. How do businesses find and communicate with customers? Let’s think about a couple of realities i...

Who Are Customers, and Why Do They Matter? Marketing exists to help organizations understand, reach, and deliver value to their customers. For this reason, the customer is considered the cornerstone of marketing. With this in mind, what is likely to happen w...

Explain why the customer is the cornerstone of marketing As we dive into the mechanics of marketing, we begin by locking our focus on the customer. “Customers” are the people or organizations with needs or wants that a business aspires to address. The act of...

Marketing can mobilize attitudes and behavior around a common vision. It is a powerful medium for expression, creativity, and sharing across an increasingly global society. Marketing can be an agent of change in the diffusion of ideas and innovation. It can al...

What you’ll learn to do: define marketing Marketing is more than just banner ads, television commercials, and people standing on roadsides dressed up like the Statue of Liberty during tax time. It’s a complex set of activities and strategies that influences w...

Explain how marketing creates value for the consumer, the company, and society For some people, marketing has a reputation as being fluffy, superficial, and light. Certainly a lot of marketing activities have earned that reputation over the years. One goal of...

Although we often think of marketing in the context of for-profit businesses and product sales, a wide variety of organizations use marketing to achieve their goals. For-Profit Marketing Versus Nonprofit Marketing For-profit organizations are typically priva...

Describe how different types of organizations, such as nonprofits, consumer product (B2C) firms, and business-to-business (B2B) organizations, use marketing Although marketing activities come in many different forms, the fundamental principles of marketing ap...

Customer Relationship Management: A Strategic Imperative We have stated that the central purpose of marketing is to help organizations identify, satisfy, and retain their customers. These three activities lay the groundwork for what has become a strategic imp...

Describe the role of marketing in building and managing customer relationships The marketing concept provides exactly the right mindset for what we ultimately want to achieve: building strong relationships with customers. Next we’ll explore how marketing play...

Company Orientation and the Marketing Concept In every transaction between a buyer and seller, there is an underlying dynamic that governs the parties’ perception of the exchange. Sometimes the exchange is very one-sided, with one party exercising most of the...

Marketing is all around you. Enter a store, walk down the street, visit the Internet, or glance through your closet. Whether you realize it or not, some aspect of marketing is likely at work in each of these activities. In the following scenarios, consider th...

What Is Marketing? Marketing is a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for others. In business, the function of marketing is to bring value to customers, whom the business seeks to identi...

What you’ll learn to do: evaluate examples of value propositions If you were asked to evaluate the solution to an easy math problem, such as 24 + 17 = 45, you could definitely say whether it’s right or wrong. If, on the other hand, you were asked to evaluate ...