Introduction to Marketing

Chapter 1 : Introduction to Marketing

The learning objectives for this chapter include:

provide an overview of marketing and the marketing process

recognise that marketing involves a mutually beneficial exchange of value

discuss the importance of ethics and corporate social responsibility in marketing

explain the elements of the marketing mix

discuss how marketing improves business performance, benefits society and contributes to quality of life.

Definition of Marketing

The most recent formal definition of marketing from the A.M.A. is:

“... the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.”

The purpose of all marketing efforts is the creation of a mutually beneficial exchange of value between one party and another.

For successful organisations, marketing is a philosophy or a way of doing business.

The ‘activity, set of institutions, and processes’: marketing is not just a function that exists as a ‘marketing department’ within an organisation.

‘Creating, communicating, delivering and exchanging offerings that have value’ recognises that marketing must involve an exchange that benefits both the customer who buys the product (a good, service or idea) and the organisation that sells the product (a good, service or idea).

‘Customers, clients, partners and society at large’ recognises that organisations need to conduct their marketing in such