Settings I. Chapter Overview A. Two Basic Operating Functions of Every Organization Production of a good, service, organization, person or idea is the first operating function. Marketing of the good, service, organization, person or idea is the second operating function.
Utility is the want-satisfying power of a good or service.
C.Marketing creates time, place, and ownership utility. Time and place utility refer to the availability of a good or service when the consumer wants to buy and at a convenient location. What is Marketing A.Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that will satisfy individual and organizational objectives. B.The exchange process - the process by which two or more parties give something of value to each other to satisfy the perceived needs, is the origin of marketing. Three Eras in the History of Marketing A.The Production Era Characterized by a production orientation - a business philosophy stressing efficiency in producing a quality product.