This document provides an overview of marketing concepts including defining marketing, understanding customers and target markets, the marketing mix of product, price, place, and promotion, satisfying exchange relationships, the marketing environment and concept, managing customer relationships, the importance of marketing management, and the role of marketing in business and society. It discusses key topics such as the evolution of marketing orientation, implementing the marketing concept, relationship marketing and CRM, the components of value, and controlling marketing activities for effectiveness and efficiency.

1. Marketing’s Role in Business and Society

3. Components of Strategic Marketing FIGURE 1.1

9. Marketing Mix Variables Product Pricing Distribution Promotion Goods, services, or ideas that satisfy customer needs Decisions and actions that establish pricing objectives and policies and set product prices The ready, convenient, and timely availability of products Activities that inform customers about the organization and its products

14. The Evolution of the Marketing Concept Production Orientation Sales Orientation Marketing Orientation Late 19th century: efficient production of goods allowed firms to meet strong customer demand. Mid-1920s – early 1950s: weakened demand required that products would have to be “sold” (personal selling, advertising, and distribution became the focus). Early 1950s –2000s : adopting a customer focus means a commitment to researching and responding to customer needs. FIGURE 1.3