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2 of 28 Chapter 10 – Learning Objectives LO1: An understanding of the purpose of marketing LO2: Recognition of how marketing is linked to strategy LO3: Knowledge of the importance of positioning in the formulation of marketing strategy LO4: An appreciation of the importance of marketing research, segmentation, and targeting in the marketing process LO5: A base-level exposure to where, and how, marketers seek opportunities for new product/service ideas, development and growth LO6: An awareness of how an organization’s marketing team seeks to influence customers and create loyalty for the products these customers buy Chapter 10 – The Marketing Challenge (c) 2012 McGraw-Hill Ryerson Ltd. 3 of 28 Marketing’s Purpose LO1 MARKETING = The process through which organizations design, develop, and communicate the value of their products/services Marketing is much more than just an advertising or media campaign (which is the last step in the delivery of a marketing strategy) The purpose of marketing is to design, deliver and communicate value Value in this context means communicating to existing and potential customers why an organization’s products/services meet their needs and why they should be judged superior to competitors’ offerings Value does not always have to be tangible based on functionality Value, real or perceived, can equally be based on intangible attributes such as peer acceptance, status, emotional benefits, pride of ownership, or brand loyalty Chapter 10 – The Marketing Challenge (c) 2012 McGraw-Hill Ryerson Ltd.