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MKTG 504 - MARKETING Introduction Dr. Dennis Pitta University of Baltimore What is Marketing? Social Activity - carried on by human beings. Aimed at satisfying NEEDS + WANTS. Exchange!! MARKETING Process in SocietyPeople and organizations with diverse wants and needs ATTEMPT to satisfy them by forming mutually satisfying exchange relationships. Of what value are dogs? Dogs are... ________________ ________________ ________________ ________________ ________________ ________________ Why would Pitta want a dog? Wants are…. Diverse Can be really unique Not always identified easily Great - great motivators The result….. Two just to be sure!! Ways of Satisfying NEEDS and WANTS Coercion Transfer Origination Exchange Net Satisfaction by Method Party 1 Origination Coercion Transfer Exchange Party 2 Net Marketing Exchange … COMPLEX Let’s take a car example 1989 Honda Accord ($1,000) _________________ Marketing Exchange … COMPLEX Let’s take another car example 2007 Rolls Royce Silver Wraith ($250,000) _________________ Marketing Exchange… COMPLEX Let’s take another car example 2007 Volvo 4 W drive station wagon ($49,000) _________________ Marketing Exchange COMPLEX Let’s take yet another car example 1970 VW Beetle with ‘Continental hood and rear’ ($4,000) _________________ Marketing Exchange COMPLEX UTILITARIAN SYMBOLIC PSYCHOLOGICAL SOCIAL Marketing and Utility UTILITY = The satisfaction value, or usefulness a user receives from a good or service in relation to his or her wants. (( Utility = SATISFACTION)) MARKETING CREATES: PLACE UTILITY TIME UTILITY POSSESSION UTILITY Ancient History Marketing - as an academic discipline - dates back to ~ 1921. Universal Marketing Function Buying Selling Transporting Storing Standardizing and Grading Finance Risk Taking Market Investigation Gaps in Marketing Gaps exist between those with wants and those who can satisfy those wants Gaps in Marketing Perceptual Temporal Spatial Valuational Ownership Gaps in Marketing Perceptual First Person Temporal Spatial Valuational Ownership Second Person Bridging Gaps in Marketing Perceptual (Communication) Temporal ( Storage) Spatial (Transportation) Valuational (Communication) Ownership (Exchange) Bridging Gaps in Marketing Perceptual ======COMMUNICATION===== First Person Temporal ======STORAGE===== Spatial =====TRANSPORTATION=== Valuational =====COMMUNICATION===== Ownership =====EXCHANGE===== Second Person The Evolution of Marketing Production Orientation Sales orientation Marketing Orientation Social Orientation Production Orientation Production emphasized Company focus Consumer often ignored Sales Orientation Company Focus Sales (volume) Emphasized Stress on Selling Tactics Marketing Orientation Focus: the Consumer Profit Orientation Integration of the Firm Societal Orientation Focus: the Consumer Profit Orientation Integration of the Firm Recognition that society is an Exchange Partner Upcoming Topics Marketing’s Environment