Solution Manual For Marketing Real People, Real Choices, 11th edition Michael R. Solomon, Greg W. Marshall, Elnora W. Stuart Chapter 1-14
Chapter 1 Welcome to the World of Marketing: Create and Deliver Value
I. CHAPTER OVERVIEW Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Therefore, marketing is all about delivering value to stakeholders, that is, to everyone who is affected by a transaction. Organizations that seek to ensure their long-term profitability by identifying and satisfying customers‘ needs and wants adopt the marketing concept. In Chapter 1, these concepts are explored. In addition, students learn the definition of product and benefit. Students are introduced to the four Ps and their interdependent relationship. Students also learn about the continuing evolution of marketing, including the very important customer experience, service-dominant logic, the co-creation of value, and how product innovations have created disruptions in marketing.
II. CHAPTER OBJECTIVES 1-1. Explain what marketing is, the marketing mix, what can be marketed, and the value of marketing. 1-2. Explain the evolution of the marketing concept. 1-3. Understand value from the perspectives of customers, producers, and society. 1-4. Explain the basics of market planning. 1-5. Understand how to increase your chances of getting a great first job and having a successful career by using the marketing process to create a personal brand.
III. CHAPTER OUTLINE ►MARKETING MOMENT INTRODUCTION Use a top-of-mind awareness exercise to introduce the different facets of marketing. Instruct students to write down the first word that pops into their head when you say these words: your school name, soup, jeans, marketing, and salesperson. Explain that school name, soup, and jeans were just ―warm ups.‖ (Although Campbell‘s is likely to be the most popular answer for soup—this is a great time to illustrate dominant market share). Most students will respond ―advertising‖ or ―sales‖ in response to marketing—this gives the instructor a chance to introduce the marketing mix and make that point that marketing covers more than just communication. p. 2 REAL PEOPLE, REAL CHOICES—HERE’S MY PROBLEM AT COMCAST 1-1 Copyright © 2022 Pearson Education, Inc.