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Chapter 1
Marketing and Customer Value
Chapter Outline
1.1 Marketing and the Marketing Process
Learning Outcomes
● Define and describe marketing.
● Describe the benefits of marketing to the organization, its interested parties, and
society.
● Explain the marketing process.
Section Outline
Marketing Defined
Marketing in Practice: Reconciling Segmentation and Diversity
How Marketing Benefits the Organization, Its Interested Parties, and Society
The Marketing Process Defined
Steps in the Marketing Process
Careers in Marketing: Marketing Jobs
Figure 1.3 Steps in the Marketing Process (attribution: Copyright Rice University, OpenStax,
under CC BY 4.0 license)
Section 1.1 Summary
Marketing is defined by the American Marketing Association (AMA) 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.” It is also described as the
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Instructor’s Manual for Principles of Marketing
set of activities involved in identifying and anticipating customer needs and then attempting to
satisfy those needs profitably. Those activities include understanding the marketplace and
customers, developing a marketing strategy, delivering value, growing customer relations, and
capturing value from customers (see Figure 1.3). Marketers must be concerned about all of the
people and groups that it can serve, both internally and externally, to make products that are
useful to society. The marketing process refers to the series of five steps that help businesses
plan, analyze, implement, and adjust their marketing strategies.
1.2 The Marketing Mix and the 4Ps of Marketing
Learning Outcomes
● Define and describe the marketing mix.
● List and explain the 4Ps of marketing.
Section Outline
Marketing Mix Defined
The 4Ps of Marketing
Product
Price
Promotion
Place
Link to Learning: Netflix, JanSport, and Stranger Things
Section 1.2 Summary
The marketing mix refers to company tactics employed to promote products and services to the
market. The product is the good or service that the company provides, price is what the
consumer pays in exchange for the product, place is where the product is purchased, and
promotion is comprised of advertising, sales, and other communication efforts the company
utilizes to attract the customer.
1.3 Factors Comprising and Affecting the Marketing Environment
Learning Outcomes
● Define and describe the marketing environment.
● Explain the components of the marketing environment.
● Identify and describe the internal factors of the marketing environment.
● List and describe the components of the micro- and macroenvironments.
Section Outline
The Marketing Environment Defined
The Components of the Marketing Environment
Components of the Internal Environment
Components of the External Environment
Components of the Macroenvironment
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Section 1.3 Summary
While planning marketing strategies, marketers must contend with forces both inside and
outside their business. Internal factors include considerations such as employees, and external
factors include considerations such as competitors and customers. And the greater
environment also includes PESTLE factors, such as trade policy (political), monetary policy
(economic), cultural norms (social), innovations (technological), safety standards (legal), and
climate (natural/environmental) (see Figure 1.8).
Figure 1.8 PESTLE Factors (attribution: Copyright Rice University, OpenStax, under CC BY 4.0
license)
1.4 Evolution of the Marketing Concept
Learning Outcomes
● Describe the production concept.
● Define the product concept.
● Discuss the selling concept.
● Explain the marketing concept.
● Summarize the societal concept and its features.
Section Outline
The Evolution of Marketing
The Production Concept
The Product Concept
Link to Learning: The Reckoning
The Sales Concept
The Marketing Concept
The Societal Marketing Concept
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Chapter 1
Marketing and Customer Value
Chapter Outline
1.1 Marketing and the Marketing Process
Learning Outcomes
● Define and describe marketing.
● Describe the benefits of marketing to the organization, its interested parties, and
society.
● Explain the marketing process.
Section Outline
Marketing Defined
Marketing in Practice: Reconciling Segmentation and Diversity
How Marketing Benefits the Organization, Its Interested Parties, and Society
The Marketing Process Defined
Steps in the Marketing Process
Careers in Marketing: Marketing Jobs
Figure 1.3 Steps in the Marketing Process (attribution: Copyright Rice University, OpenStax,
under CC BY 4.0 license)
Section 1.1 Summary
Marketing is defined by the American Marketing Association (AMA) 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.” It is also described as the
01/12/23 2
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Instructor’s Manual for Principles of Marketing
set of activities involved in identifying and anticipating customer needs and then attempting to
satisfy those needs profitably. Those activities include understanding the marketplace and
customers, developing a marketing strategy, delivering value, growing customer relations, and
capturing value from customers (see Figure 1.3). Marketers must be concerned about all of the
people and groups that it can serve, both internally and externally, to make products that are
useful to society. The marketing process refers to the series of five steps that help businesses
plan, analyze, implement, and adjust their marketing strategies.
1.2 The Marketing Mix and the 4Ps of Marketing
Learning Outcomes
● Define and describe the marketing mix.
● List and explain the 4Ps of marketing.
Section Outline
Marketing Mix Defined
The 4Ps of Marketing
Product
Price
Promotion
Place
Link to Learning: Netflix, JanSport, and Stranger Things
Section 1.2 Summary
The marketing mix refers to company tactics employed to promote products and services to the
market. The product is the good or service that the company provides, price is what the
consumer pays in exchange for the product, place is where the product is purchased, and
promotion is comprised of advertising, sales, and other communication efforts the company
utilizes to attract the customer.
1.3 Factors Comprising and Affecting the Marketing Environment
Learning Outcomes
● Define and describe the marketing environment.
● Explain the components of the marketing environment.
● Identify and describe the internal factors of the marketing environment.
● List and describe the components of the micro- and macroenvironments.
Section Outline
The Marketing Environment Defined
The Components of the Marketing Environment
Components of the Internal Environment
Components of the External Environment
Components of the Macroenvironment
01/12/23 3
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Section 1.3 Summary
While planning marketing strategies, marketers must contend with forces both inside and
outside their business. Internal factors include considerations such as employees, and external
factors include considerations such as competitors and customers. And the greater
environment also includes PESTLE factors, such as trade policy (political), monetary policy
(economic), cultural norms (social), innovations (technological), safety standards (legal), and
climate (natural/environmental) (see Figure 1.8).
Figure 1.8 PESTLE Factors (attribution: Copyright Rice University, OpenStax, under CC BY 4.0
license)
1.4 Evolution of the Marketing Concept
Learning Outcomes
● Describe the production concept.
● Define the product concept.
● Discuss the selling concept.
● Explain the marketing concept.
● Summarize the societal concept and its features.
Section Outline
The Evolution of Marketing
The Production Concept
The Product Concept
Link to Learning: The Reckoning
The Sales Concept
The Marketing Concept
The Societal Marketing Concept
01/12/23 4
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