Contemporary Issues in

Business
Week 1
Marketing Review
Some Ground Rules..
Course Outline Review
The Nature and Scope of Marketing
Who Needs Marketing?
Organizations
Businesses, Public, Non-Profit/Social
Individuals
Exchange as a focus
Marketing can occur any time a person or
organization strives to exchange something of
value with another person or organization
One of the three ways; make, steal/snatch,
exchange, to satisfy needs
The Nature and Scope of Marketing
Conditions of an Exchange

Involvement of Two or more parties
Voluntary involvement
Each party having something of value to offer
Presence of some form of communication
Evolution of Marketing
Why is marketing important?
What is the scope of marketing?
What are some fundamental marketing
concepts?
How has marketing changed?
What are the tasks necessary for
successful marketing?
What is Marketing?
Marketing is an organizational function
and a set of processes for creating,
communicating, and delivering value
to customers and for managing
customer relationships
in ways that benefit the
organization and its stakeholders.
Defining Marketing
Marketing is a total system of business activities
designed to plan, price, promote and distribute want-
satisfying products to target markets in order to
achieve organizational objectives

Components of the definition
A system
Customer centric focus satisfying target markets
One of the three ways; make, steal/snatch, exchange, to satisfy
needs
Objectives driven process
Duration; endless loop, circle of want satisfying continues until
the wants are completely satisfied, sometimes even after that
Class Activity
Your Marketing Definition!..
What is marketed?
Goods
Services
Events & Experiences
Persons
Places & Properties
Organizations
Information
Ideas
Consumer Markets
Business Markets
Global Markets
Nonprofit/ Government Markets
Some Key Terms

Needs, wants,
and demands
Target markets,
positioning,
segmentation
Offerings and
brands


Value and
satisfaction
Marketing
channels
Supply chain
Competition
Marketing
environment

Class Activity

Five Types of Needs

Stated needs
Real needs
Unstated needs
Delight needs
Secret needs
Some Key Trends
Information technology
Globalization
Deregulation
Privatization
Competition
Convergence
Consumer resistance
Retail transformation
The New Consumer
A substantial increase in buying power
A greater variety of available goods and
services
A great amount of information about
practically anything
Greater ease in interacting and placing and
receiving orders
An ability to compare notes on products and
services
An amplified voice to influence public opinion
Holistic Marketing
The Four Ps