Solution Manual for Marketing, 8th Edition

Solution Manual for Marketing, 8th Edition helps you break down challenging textbook sections for easy learning.

Benjamin Fisher
Contributor
4.1
39
4 months ago
Preview (16 of 342)
Sign in to access the full document!
Chapter 1 - Overview of Marketing Marketing 8th
1

Chapter 1

Overview of Marketing

Tools for Instructors

Brief Chapter Outline
Learning Objectives
Extended Chapter Outline with Teaching Tips
Answers to End of Chapter Learning Aids
Chapter Case Study
Additional Teaching Tips
Connect Activities
Brief Chapter Outline

What Is Marketing?

The Importance of Marketing over Time

How Does Marketing Create Value, and How Do Firms Become More Value Driven?

End of Chapter Learning Aids

Chapter Case Study: A Flood of Water Consumption Choices

Learning Objectives

LO1-1 Define the role of marketing.

According to the American Marketing Association, formally, marketing is the “activity, set of institutions,
and processes for creating, capturing, communicating, delivering, and exchanging offerings that have
value for customers, clients, partners, and society at large. But marketing has a prominent role in every
person’s daily life, whether he or she is exchanging money for conventional products, exchanging
personal information for services, or exchanging time for a cause that gives him or her a good feeling. It
includes a vast range of stakeholders, including not just the firm and the customer but also other
members of the supply chain, communities, and society as a whole. Furthermore, the foundation of all
marketing can be summarized in the four Ps, such that marketing defines the product, price, place, and
promotion that firms use to get their offerings into consumers’ hands.

LO1-2 Detail the evolution of marketing over time.

Marketing has evolved from a production or sales-oriented approach, in which firms told people what they
could and should buy, to a market- and value- oriented perspective. In this more recent view, firms look
to their markets to tell them what they need to product and provide, in a way that creates value for them
and their customers.

LO1-3 Describe how marketers create value for a product or service.

Value stems from at least four main activities that value-driven marketers undertake and are reinforced
throughout the book:

Adding value, such that they leverage various elements of marketing and work to build
relationships with partners and customers to ensure that they introduce their product, service, or
idea to the marketplace at just the place and time that customers want it.
Chapter 1 - Overview of Marketing Marketing 8th
2

Marketing analytics, which companies use to gather vast amounts of information about customers
and competitors, then analyze it and share it across their own organization and with partner firms.

Social and mobile marketing, to take advantage of new technologies and connect with customers
using the latest social media channels.

Ethical and societal dilemmas, such that firms engage in conscious marketing that takes into
account the benefits and costs of their actions for all stakeholders.

Extended Chapter Outline with Teaching Tips

I. What Is Marketing?

A. Marketing Is About Satisfying Customer Needs and Wants

B. Marketing Entails an Exchange

C. Marketing Creates Value through Product, Price, Place, and Promotion Decisions

1. Product: Creating Value

2. Price: Capturing Value

3. Place: Delivering the Value Proposition

4. Promotion: Communicating the Value Proposition

D. Marketing Can Be Performed by Individuals and Organizations

E. Marketing Affects Various Stakeholders

Progress Check: Several questions are offered for students to check their understanding of core
concepts.

1.
What is the definition of marketing?
Answer: Marketing is the activity, set of institutions, and processes for creating, capturing,
communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large

2.
Marketing is about satisfying _____ and _____.
Answer: Marketing is about satisfying needs and wants.

3.
What are the four components of the marketing mix?
Answer: The four components of the marketing mix are product, place, price, and promotion.

4.
Who can perform marketing?
Answer: Both individuals and organizations can perform marketing as marketing can entail B2C,
B2B, and C2C.

Loading page 6...

Loading page 7...

Loading page 8...

Loading page 9...

Loading page 10...

Loading page 11...

Loading page 12...

Loading page 13...

Loading page 14...

Loading page 15...

Loading page 16...

13 more pages available. Scroll down to load them.

Preview Mode

Sign in to access the full document!

100%

Study Now!

XY-Copilot AI
Unlimited Access
Secure Payment
Instant Access
24/7 Support
Document Chat

Document Details

Subject
Marketing

Related Documents

View all