Summary

1. Marketing refers to the activities which are concerned with facilitating and
consummating exchange.

2. A Market is people with needs to satisfy, money to spend, and willingness to buy.

3. The major marketing functions are exchange, distribution, and facilitating.

4. Selling is only part of marketing. The other functions are: marketing research,
new product development, advertising, customer service and distribution.
Marketing is customer oriented while selling is seller oriented.

5. Approach in customer service: train all employees to be courteous: coddle the

customer tell others about their experiences with an enterprise, and listen to
others about your business.

6. The external environment of the enterprise consists of economic, political, social,

and technological forces.

7. Steps in marketing plan: assess the marketing environment formulate specific

marketing objectives; choose a target market; and monitor and evaluate the
operation of the marketing program.

8. People buy a product or service because it gives them satisfaction, convenience,

security, fame or protection.

9. A marketing strategy considers the following factors competitive size and market
position of the enterprise, resources, objectives and policies of the enterprise,
marketing strategies of the competitors; and character of the economy. Marketing
strategies consists of product, price, promotion and distribution strategies.

10. A target market can be a segmented by age, race, education, sex, income,
occupation, residence and social class.

11. The main reasons of failures of new products are inadequate market analysis,
product defects, high prices, and poor timing.