Understanding Marketing Management Chapter 1.
Please read the article for the basic explanation of marketing by Kotler. Marketing is an important activity in organization.
Finance, Operations, Accounting, and other functions have no job to do unless products and services with sufficient demand are identified and the organization is set up to satisfy that demand at required profit.
Marketing's broader importance extends to society as a whole.
Marketers identify unsatisfied demand for various needs and thereby provide information to entrepreneurs to come up with new products and services to satisfy those needs.
Thereby they help to grow the economy. Marketers take the new product ideas and prototypes and test market them and give feedback to the organizations to improve the products and make them ore useful to the society. Then they identify other needs of people like the place where they want to buy and develop marketing channels accordingly.
Chief executives recognize the role of marketers in brand building and market loyalty. Brand refers to the market recognition of the products and services provided by an organization. This is developed through investment in branding or market development expenditure and this investment is totally managed by marketing department.
Marketers must decide what features to design into a new product or service, what prices to set, where to sell products or offer services, and how much to spend on advertising, sales, the Internet or mobile marketing.
The Scope of Marketing To prepare to be a marketer, one has to understand what marketing is, how it works, who does it, and what is marketed.
Marketing is about identifying and meeting human and social needs. The American Marketing Association provides this definition for marketing. Marketers market 10 main types of entities: Goods, services, events, experiences, persons, places, properties, organizations, information and ideas Marketers do demand management.
To manage demand, they use marketing mix. Eight demand states are possible. To change a demand state, marketing mix elements have to be changed. That requires expenditure or investment on the part of an organization.
If the return on investment is positive, marketers recommend marketing investment. Eight States of Demand Negative demand:Marketing Management 14th Edition Test Bank Kotler Test Bank Marketing Management, 14e (Kotler/Keller) Chapter 1 Defining Marketing for the 21st Century 1) Which of the following statements about marketing is true?
A) It is of little importance when products are standardized. This is completed downloadable of Test Bank for Marketing Management 14th Edition by Kevin Lane Keller. Instant download Test Bank for Marketing Management 14th Edition by Kevin Lane Keller.
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Marketing Management is the gold standard marketing text because its content and organization consistently reflect the latest changes in today’s marketing theory and practice. The Fifteenth edition is fully integrated with MyMarketingLab and is updated where appropriate to provide the most comprehensive, current, and engaging marketing.
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