BUAD 307
Marketing
Fundamentals

 

 

 

MIDTERM REVIEW

Scope of Marketing

PowerPoint Narration

Marketing. Several definitions have been proposed for the term marketing. Each tends to emphasize different issues. Memorizing a definition is unlikely to be useful; ultimately, it makes more sense to thinking of ways to benefit from creating customer value in the most effective way, subject to ethical and other constraints that one may have.  The 2007 definition offered by the American Marketing Association reads:  “The (1) activity, (2) set of institutions, and (3) processes for (4) creating, (5) capturing, (6) communicating, (7) delivering, (8) and exchanging (9) offerings that have (10) value for (11) customers, (12) clients, (13) partners, and (14) society at large.” (Numbering added.)
A main objective of marketing is to create customer value.

  • Marketing usually involves an exchange between buyers and sellers or between other parties.
  • Marketing has an impact on the firm, its suppliers, its customers, and others affected by the firm’s choices.
  • Marketing frequently involves enduring relationships between buyers, sellers, and other parties.
  • Processes involved include “creating, communicating, delivering, and exchanging offerings.”

Graphically, the scope of marketing might be represented as follows:

 

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