Introduction to Marketing in Action What you’ll learn to do: identify evidence of marketing in everyday life In this section, you’ll get a chance to explore the concept of marketing further and see how it’s at work in the world around you. It may surprise you to discover how much the term encompasses . . . Marketing in Action LEARNING OBJECTIVES Recognize marketing activities in daily life Explain the differences between marketing, advertising, branding,… Read More »Introduction to Marketing in Action

Marketing Creates Value for Customers According to the influential economist and Harvard Business School professor Theodore Levitt, the purpose of all business is to “find and keep customers.” Marketing is instrumental to helping businesses achieve this purpose. It’s a way of thinking about business, rather than just a collection of techniques. It’s much more than just advertising and selling stuff and collecting money. Marketing generates value by creating the connections… Read More »Marketing Creates Value for Customers

Marketing Defined LEARNING OBJECTIVES Explain how the marketplace addresses customer wants and needs by creating opportunities for the exchange of products, services, and experiences Describe the role marketing plays in facilitating the exchange of value What Is Marketing? Marketing is a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for others. In business, the function of marketing is to bring value to customers, whom… Read More »Marketing Defined

Introduction to Marketing What you’ll learn to do: define marketing Marketing is more than just banner ads, television commercials, and people standing on roadsides dressed up like the Statue of Liberty during tax time. It’s a complex set of activities and strategies that influences where we live, what we wear, how we conduct business, and how we spend our time and money. Marketing activities are conducted in an environment that… Read More »Introduction to Marketing

Why It Matters: What Is Marketing? Why learn about marketing? When you hear the term “marketing,” what comes to mind? Based on what you know about marketing right now, what one word would you use to describe it? Take a moment to write it down. We’ll come back to it shortly. Marketing is a tool used by companies, organizations, and people to shape our perceptions and persuade us to change our behavior. The most effective marketing… Read More »Why learn about marketing?

1: What Is Marketing? 2: Marketing Function 3: Segmentation and Targeting 4: Marketing Strategy 5: Ethics and Social Responsibility 6: Marketing Information and Research 7: Consumer Behavior 8: Positioning 9: Branding 10: Product Marketing 11: Pricing Strategies 12: Place: Distribution Channels 13: Promotion: Integrated Marketing Communication (IMC) 14: Marketing Globally 15: Marketing Plan 1: What Is Marketing? principles of marketing why learn about marketing introduction to marketing 2 marketing defined… Read More »Principles of Marketing

Gap 5: Actual Performance vs. Perceived Service Gap Gap between expected service and experienced service: This gap arises when the consumer misinterprets the service quality. The physician may keep visiting the patient to show and ensure care, but the patient may interpret this as an indication that something is really wrong. The fifth or Customer gap represents the overall difference between the customer’s expectations for and perception of the level… Read More »Gap 5: Actual Performance vs. Perceived Service Gap

Gap 4: Service Delivery vs. External Communications Gap between service delivery and external communication: Consumer expectations are highly influenced by statements made by company representatives and advertisements. The gap arises when these assumed expectations are not fulfilled at the time of delivery of the service. For example – a hospital printed on its brochure may have clean and furnished rooms but in reality, it may be poorly maintained – in… Read More »Gap 4: Service Delivery vs. External Communications

Gap 3: Quality Specifications vs. Service Delivery Gap between service quality specification and service delivery: This gap may arise in situations pertaining to the service personnel. It could happen due to poor training, incapability or unwillingness to meet the set service standard. An example would be when a doctor’s office has very specific standards of hygiene communicated but the hired staff may have been poorly trained on the need to… Read More »Gap 3: Quality Specifications vs. Service Delivery

Gap 2: Management Perception vs. Quality Specifications Gap between management perception and service quality specification: This is when the management or service provider might correctly perceive what the customer wants, but may not set a performance standard. An example here would be that hospital administrators may tell the nurse to respond to a request ‘fast’, but may not specify ‘how fast’. The second gap in the service quality framework in… Read More »Gap 2: Management Perception vs. Quality Specifications