Oklahoma Christian University

Marketing, Management and Innovation (Spring 2013)

 

Defining Marketing for the 21st Century

 

The Importance of Marketing

Marketing is the activity set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society. [p.15] Marketing is about identifying and meeting human and social needs. Marketers market 10 main types of entities: goods, services, events, experiences, persons, places, properties, organizations, information, and ideas. Core Marketing Concepts are "Needs, Wants, and Demands."

Holistic Marketing Concept 

Holistic Marketing Concept is based on the development, design, and implementation of marketing programs, process, and activities that recognize their breadth and interdependencies.

 

The Four Ps of Marketing

McCarthy classified various marketing activities into "marketing-mix" tools of four broad kinds, which he called the four Ps of marketing: product, price, place, and promotion. 

Marketing mix has been evolved from "product, place, promotion and price" to "people, process, programs and performance".