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Marketing Marketing is part of all of our lives and touches us in some way every day To be successful each company that deals with customers on a daily basis must not only be customer-driven but customer-obsessed The best way to achieve this objective is to develop a sound marketing function within the organization To be understandable and lively means that we need to communicate you We start every chapter with learning objectives The most important thing you will get out of this course is the basic skills required to succeed in todays competitive environment Marketing is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others Marketing is a key factor in business success The marketing function not only deals with the production and distribution of products and services but it also is concerned with the ethical and social responsibility functions found in the domestic and global environment Understanding Marketing Definition Marketing It is the process of creating consumer value in the form of goods services or ideas that can improve the consumers life Marketing is the organizational function charged with defining customer targets and the best way to satisfy needs and wants competitively and profitably Since consumers and business buyers face an abundance of suppliers seeking to satisfy their every need companies and nonprofit organizations cannot survive today by simply doing a good job They must do an excellent job if they are to remain in the increasingly competitive global marketplace This is what we say that survival of the fittest Many studies have demonstrated that the key to profitable performance is to know and satisfy target customers with competitively superior offers This process takes place today in an increasingly global technical and competitive environment What is Marketing Marketing is not only restricted to selling and advertising as is
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