ObjectivesCourseOrganizationTasksofMarketingMajorConcepts&ToolsofMarketingMarketplaceOrientationsMarketing’sResponsestoNewChallengesDefiningMarketingMarketingisasocietalprocessbywhichindividualsandgroupsobtainwhattheyneedandwantthroughcreating,offering,andfreelyexchangingproductsandservicesofvaluewithothers.-PhilipKotler(p.7)SimpleMarketingSystemIndustry(acollectionofsellers)Market(acollectionofBuyers)Goods/servicesMoneyCommunicationInformationProductionConceptProductConceptSellingConceptMarketingConceptConsumerspreferproductsthatarewidelyavailableandinexpensiveConsumersfavorproductsthatofferthemostquality,performance,orinnovativefeaturesConsumerswillbuyproductsonlyifthecompanyaggressivelypromotes/sellstheseproductsFocusesonneeds/wantsoftargetmarkets&deliveringvaluebetterthancompetitorsCompanyOrientationsTowardstheMarketplace