This is often referred to as the triple bottom line of financial, social, and environment performance.3.Ethics and social responsibility Following on the sustainability notion is the broader importance of ethics and social responsibility in creating successful organizations. farming, almost every industry and company needs strong global awareness.The authors make consistent references to ethical situations throughout chapter coverage, and endofchapter material in most chapters will encompass ethical situations.4. And todays marketing professionals must understand the world in which they and their companies operate.5.
That information gathering can be costly, but it can also be very revealing. Getting the product to a point at which the customer can purchase it (delivering).4. The monetary amount charged for the product (exchange).
With the potential to capture so much more detail about micro transactions, firms should now be more able to answer, Was this marketing strategy really worth it? and finally, What is this customer or set of customers worth to us over their lifetime? Why are some products a huge success and similar products a dismal failure? Introduced in the early 1950s, the four Ps were called the marketing mix, meaning that a marketing plan is a mix of these four components. As such, these words fail to capture all the activities of marketing.
Saylor URL: Saylor.org1Chapter 1What Is Marketing? How was Apple, a computer company, able to create and launch the wildly successful i Pod, yet Microsofts first foray into MP3 players was a total disaster? Marketing is defined by the American Marketing Association as 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. If the four Ps are the same as creating, communicating, delivering, and exchanging, you might be wondering why there was a change. For example, exchanging requires mechanisms for a transaction, which consist of more than simply a price or place.
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Preface Principles of Marketing teaches the experience and process of actually doing marketingnot just the vocabulary.
It carries five dominant themes throughout in order to expose students to marketing in todays environment:1.Servicedominant logic This textbook employs the term offering instead of the more traditional first Pproduct.That is because consumers dont sacrifice value when alternating between a product and a service.They are evaluating the entire experience, whether they interact with a product, a service, or a combination.So the fundamental focus is providing value throughout the value chain, whether that value chain encompasses a product, a service, or both.2.Sustainability Increasingly, companies are interested in their impact on their local community as well as on the overall environment.