Summary marketing fundamentals verhage english 4th edition 2022 9789001298722
, Summary marketing fundamentals verhage english 4th edition 2022 9789001298722
This is the entire book summary, including all sub-sub-chapters (example: 2.3.3) because the
book is so long, I’ve not included these headings in the table of contents. Saves space.
,Summary marketing fundamentals verhage english 4th edition 2022 9789001298722
,Summary marketing fundamentals verhage english 4th edition 2022 9789001298722
,Summary marketing fundamentals verhage english 4th edition 2022 9789001298722
, Summary marketing fundamentals verhage english 4th edition 2022 9789001298722
Chapter 1 – What Is Marketing?
Marketing is a core business discipline that connects organizations with their customers, markets, and
society at large. It goes far beyond advertising or selling products. At its heart, marketing is about
understanding needs, creating value, and managing exchanges in a way that benefits both the
organization and its stakeholders.
1.1 The Meaning of Marketing
Marketing concerns all activities aimed at identifying, anticipating, and satisfying customer needs in a
profitable and sustainable manner. It is not a single department or function, but a way of thinking that
should guide decisions across the entire organization.
1.1.1 Differences Between Selling and Marketing
Although selling and marketing are closely related, they are fundamentally different in orientation and
approach.
Selling focuses on:
The product that already exists
Short-term transactions
Persuading customers to buy
The needs of the seller
Marketing, in contrast, focuses on:
Customer needs and problems
Long-term relationships
Creating value before selling
Mutual benefit for customer and organization
A practical example illustrates this distinction. A sales-driven company may push excess inventory
through aggressive promotions. A marketing-driven company would first investigate why demand is
low and adjust the offering accordingly, for example by redesigning the product or targeting a
different customer segment.
1.1.2 A Definition of Marketing
Marketing can be defined as a systematic process through which organizations:
Analyze customer needs and market opportunities
Develop value propositions
Communicate and deliver this value
Manage relationships and exchanges
This process is continuous rather than static. Markets change, customer expectations evolve, and
competitors innovate. Effective marketing therefore requires constant monitoring, learning, and
adaptation.
, Summary marketing fundamentals verhage english 4th edition 2022 9789001298722
This is the entire book summary, including all sub-sub-chapters (example: 2.3.3) because the
book is so long, I’ve not included these headings in the table of contents. Saves space.
,Summary marketing fundamentals verhage english 4th edition 2022 9789001298722
,Summary marketing fundamentals verhage english 4th edition 2022 9789001298722
,Summary marketing fundamentals verhage english 4th edition 2022 9789001298722
, Summary marketing fundamentals verhage english 4th edition 2022 9789001298722
Chapter 1 – What Is Marketing?
Marketing is a core business discipline that connects organizations with their customers, markets, and
society at large. It goes far beyond advertising or selling products. At its heart, marketing is about
understanding needs, creating value, and managing exchanges in a way that benefits both the
organization and its stakeholders.
1.1 The Meaning of Marketing
Marketing concerns all activities aimed at identifying, anticipating, and satisfying customer needs in a
profitable and sustainable manner. It is not a single department or function, but a way of thinking that
should guide decisions across the entire organization.
1.1.1 Differences Between Selling and Marketing
Although selling and marketing are closely related, they are fundamentally different in orientation and
approach.
Selling focuses on:
The product that already exists
Short-term transactions
Persuading customers to buy
The needs of the seller
Marketing, in contrast, focuses on:
Customer needs and problems
Long-term relationships
Creating value before selling
Mutual benefit for customer and organization
A practical example illustrates this distinction. A sales-driven company may push excess inventory
through aggressive promotions. A marketing-driven company would first investigate why demand is
low and adjust the offering accordingly, for example by redesigning the product or targeting a
different customer segment.
1.1.2 A Definition of Marketing
Marketing can be defined as a systematic process through which organizations:
Analyze customer needs and market opportunities
Develop value propositions
Communicate and deliver this value
Manage relationships and exchanges
This process is continuous rather than static. Markets change, customer expectations evolve, and
competitors innovate. Effective marketing therefore requires constant monitoring, learning, and
adaptation.
