Topics not in the book that I added to the discussion of Chapter 1 in class today:
1. The new definition of marketing, as released by the American Marketing Association in August 2004, is:Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
What is missing in this definition is the actual wording of the 4 P’s: Product, Pricing, Promotion, Placement (the Marketing Mix). In fact, you could focus the definition on the 3 C’s: creating, communicating, and customers.
2. While the book talks about three eras of marketing, many point to four, with the fourth being a subset (or refinement) of the third:
• Production (prior to 1920’s) – A good product will sell itself
• Sales (1920’s to 1950’s) – Creative advertising and selling will overcome resistance and convince consumers to buy
• Marketing (since 1950’s) – The consumer is king – find a need and fill it
• Relationship (since 1990’s) – Long term relationships lead to success
