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Chapter 1: Introduction to Strategic Marketing Management What is Marketing? Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others. - Philip Kotler Simple Marketing System Communication Industry (a collection of sellers) Goods/services Money Information Market (a collection of Buyers) Company Orientations Towards the Marketplace Production Concept Consumers prefer products that are widely available and inexpensive Product Concept Consumers favor products that offer the most quality, performance, or innovative features Selling Concept Consumers will buy products only if the company aggressively promotes/sells these products Marketing Concept Focuses on needs/ wants of target markets & delivering value better than competitors Marketing Concept ► Need to Focus on Marketing Concept Focuses on needs/ wants of target markets & delivering value better than competitors Evolving Views of Marketing’s Role Finance Production Marketing Finance Human resources a. Marketing as an equal function Production Human resources Marketing b. Marketing as a more important function Evolving Views of Marketing’s Role Production Marketing Customer e. The customer as the controlling function and marketing as the integrative function Overlap Between Strategic Planning & Marketing ► There is some overlap between the two, in terms what you are going to learn ► We will emphasise marketing concepts and approach here rather than strategic concepts ► However, there will be some inevitable overlap here and there