Marketing First Chapter Summary

Daniel Benitez Goris

Chapter 1‐ Defining Marketing for the New Realities (Due Date 8/31/17) (typewritten, bring to class) 

Completion of this assignment requires reading Chapter 1.  Answers should be in your own words, (not  copy and paste) well thought out and substantive.  Please be prepared to discuss on 8/31/2017.   

1. What is the focus of this chapter? 

Many people think that marketing is just selling and advertising. And it's natural: television commercials, newspaper ads, direct mail campaigns, vendor visits and internet ads are bombarded every day. However, sales and advertising are just the tip of the marketing iceberg.

In general terms, this chapter discuss about marketing social and administrative process through which individuals and groups obtain what they need and desire through the creation and exchange of products and value with other groups and individuals. In a more business context, marketing involves the development of a profitable exchange of high value relationships with customers. So marketing process needs to be used by companies in order to create value for customers and establish strong relationships with them to achieve a positive change in the value of customers.

1. From your reading, what is the most important point made in this chapter? 

Today, we must understand marketing not in the old sense of achieving a sale - "talk and sell" - but in the new sense of meeting the needs of the customer. If the marketer understands the needs of consumers well, develops products that offer greater value, allocates appropriate prices, and distributes and promotes effectively, these products are sold very easily. Therefore, selling and advertising are just one part of a great marketing mix: a set of marketing tools that work together to meet customer needs and create customer relationships.

1. Why, in your opinion is this important? 

Financial success often depends on marketing skill; all the functions of the company are irrelevant if it does not have the ability to generate demand to produce profits.

Companies address needs by proposing a value proposition, a set of benefits that meet the needs of customers.

1. What ideas in this chapter are new to you and especially interesting? 

To me it is especially interesting what can we market: Goods: tangible products. EX: food, cars, toys. Services: provision of services. Ex: hotels, airlines, maintenance workshops. Events: world football, trade fairs. Experiences: create, represent and market experiences. EX: parks of attraction, parachute throwing. People: Hire marketing specialists, common in celebrities and important people. Places: cities and countries seek to attract tourists, companies, factories, etc. Properties: physical assets such as real estate and financial assets such as bonds and shares. Organizations: create a reliable and positive image in front of the target market. Information: books, magazines, schools, universities.