Page 55 - Foundations of Marketing

22 Part 1 | Strategic Marketing and Its Environment

organizations to generate profits, and they help fuel the increas- Green marketing is a strategic process involving stakeholder
ingly global economy. Knowledge of marketing enhances assessment to create meaningful long-term relationships with
consumer awareness. New technology improves market- customers while maintaining, supporting, and enhancing the
ers’ ability to connect with customers. Socially responsible natural environment. Finally, marketing offers many exciting
marketing can promote the welfare of customers and society. career opportunities.

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Key Concepts

marketing 3 product 6 marketing customer relationship
customers 3 value 8 environment 11 management (CRM) 15
target market 4 exchanges 10 marketing concept 12 relationship marketing 15
marketing mix 5 stakeholders 10 market orientation 14 green marketing 19

Issues for Discussion and Review

1. What is marketing ? How did you define the term before 7. Discuss the basic elements of the marketing concept.
you read this chapter? Which businesses in your area use this philosophy?
2. What is the focus of all marketing activities? Why? Explain why.
3. What are the four variables of the marketing mix? Why 8. How can an organization implement the marketing
are these elements known as variables? concept?
4. What is value? How can marketers use the marketing 9. What is customer relationship management? Why is it
mix to enhance the perception of value? so important to “manage” this relationship?
5. What conditions must exist before a marketing 10. Why is marketing important in our society? Why
exchange can occur? Describe a recent exchange in should you study marketing?
which you participated.
6. What are the forces in the marketing environment?
How much control does a marketing manager have
over these forces?

Marketing Applications

1. Identify several businesses in your area that have not 3. Discuss the variables of the marketing mix (product,
adopted the marketing concept. What characteristics price, promotion, and distribution) as they might relate
of these organizations indicate nonacceptance of the to each of the following:
marketing concept? a. A trucking company
2. Identify possible target markets for the following b. A men’s clothing store
products: c. A skating rink
a. Kellogg’s Corn Flakes d. A campus bookstore
b. Wilson tennis rackets 4. There are seemingly hundreds of different cell phones
c. Disney World available on the market today. How do consum-
d. Diet Pepsi ers choose? The answer is simple: consumer value.

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