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Solution Manual for Marketing, 8th Edition

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

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Chapter 1-Overview of MarketingMarketing8th1Chapter 1Overview of MarketingTools 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 ActivitiesBrief Chapter OutlineWhatIsMarketing?The Importance of Marketingover TimeHow Does Marketing Create Value, and How Do Firms Become More Value Driven?End of Chapter Learning AidsChapter Case Study:A Flood of Water Consumption ChoicesLearning ObjectivesLO1-1Define 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 havevalue for customers, clients, partners, and society at large.But marketing has a prominent role in everyperson’s daily life, whether he or she is exchanging money for conventional products, exchangingpersonal information for services, or exchanging time for a cause that gives him or her a good feeling.Itincludes a vast range of stakeholders, including not just the firm and the customer but also othermembers of the supply chain, communities, and society as a whole.Furthermore, the foundation of allmarketing can be summarized in the four Ps, such that marketing defines the product, price, place, andpromotion that firms use to get their offerings into consumers’ hands.LO1-2Detail the evolution of marketing over time.Marketing has evolved from a production orsales-orientedapproach, in which firms told people what theycould and should buy, to a market-and value-oriented perspective.In this more recent view, firms lookto their markets to tell them what they need to product and provide, in awaythat creates value for themand their customers.LO1-3Describe how marketers create value for a product or service.Valuestems from at least four main activities that value-driven marketers undertake and are reinforcedthroughout the book:•Addingvalue,suchthattheyleveragevariouselementsofmarketingandworktobuildrelationships with partners and customers to ensure that they introduce their product, service, orideato the marketplace at just the place and time that customers want it.

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Subject
Marketing
Textbook
Marketing by Grewal, Dhruv, Michael...

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