Bus 500 F

Due date: Jan 8th, 2016

BUS 500F

CRN 1289

Professor: Assael

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Chapter 1&2

Chapter 1. Creating Customer Relationships and Value through Marketing

1. *Define marketing and identify the two primary goals of marketing (P4 &P16)

Marketing is the process of planning and implementation of policies, pricing, distribution, promotion and support business of goods, ideas or services to conduct exchanges to satisfy the purpose of the organization and the individual. To be in brief, marketing is the activity for creating, communication, delivering, and exchanging offering that benefit its customers, the organization, its stakeholders, and society at large. This definition relates to two primary goals of marketing: discovering the needs of prospective customers and satisfying them. Achieving these two goals also involves the four marketing mix factors largely controlled by the organization and the five environmental forces that are generally outside its control.

The key people, groups, forces outside the organization influence marketing activities, are shareholders, customers, other organizations, suppliers, and environmental forces: social, economic, technological, competitive, and regulatory.

Ex: food advertisement on meal time, social ethic effect on advertisement and market planning, how competitive position effect the market plan.

2. *Explain how marketing discovers and satisfies consumer needs (P6 & P16-17)

Discovering and satisfying consumer needs in order to develop and offer successful products are two important objective of marketing.

The first objective in marketing is discovering the needs and wants of consumers. This objective requires some effective marketing research because these prospective customers may not always know or be able to describe what they need and want. When consumers feels deprived of basic necessities such as food, clothing, and shelter it called their needs....