Chapter 1: What Is Marketing?

Marketing Defined

•Marketing is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

•Marketing is NOT only selling and advertising exclusively.

Designing a Customer Value-Driven

Marketing Strategy

Marketing Management Orientations

Selling concept:

Consumers will not buy enough of the firm’s

products unless the firm undertakes a large-

scale selling and promotion effort.

Marketing concept:

According to management guru Peter Drucker,

“The aim of marketing is to make selling unnecessary.”