Chapter 2
Chapter 2
Chapter 2
LESSON SUMMARY
Marketing is part 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. 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. Marketing and its core concepts, the
exchange relationship, a brief description of marketing management, the
five major philosophies of marketing thought and practice, marketing
challenges in the new "connected" millennium, marketing's relationship
to the information technology boom and the Internet, and connections
with the world around us are the topics presented in this chapter.