Essay About Marketing Submittalbook Reviewbook Title And Core Concepts

Core Concepts of Marketing
FUNDAMENTALS OF MARKETING SUBMITTALBOOK REVIEWBOOK TITLE: CORE CONCEPTS OF MARKETINGBOOK AUTHOR: JOHN BURNETTBook Title: Core Concepts of MarketingBook Author: John BurnettSummaryThe first chapter discussed marketing as one of the major tactical tools available to the business companies. Marketing is:Based on the mission statement of the organizationDependent on the effective management of other functional areasContains a functional area guided by its own philosophyThe functional area that is concerned with market exchangesLikely to be successful when the philosophy, tasks, and manner of implementing available technology are coordinated and complimentary It also discussed numerous characteristics shared by organizations that directly implement marketing namely (Cs):Consumer contactCompany capabilitiesCommunicationCross-functional contactCommunity contact. It was pointed out that the said factors divide into specific types: Macromarketing and micromarketingServices and goods marketingFor-profit and nonprofit marketingMass and direct marketingLocal, regional, national, and international marketingConsumer goods and business-to-business marketing. Lastly, the chapter discussed the four levels of strategic management with considerations applicable to marketing: corporate functional, marketing, and marketing mix.The next chapter was all about the concept of a market. The definition was based from three (3) perspectives: people, place, and economic activity. There are also four types of markets mentioned: consumer markets, industrial markets, institutional markets, and reseller markets – identifying the correct market is important so that appropriate marketing activities can be developed.The chapter highlighted the two (2) general marketing approaches toward the market: undifferentiated (aggregated) and segmental. Undifferentiated is defined as “the assumption that the market is homogeneous and developing separate strategies is unnecessary” and Segmental as “the acknowledgement that markets contain submarkets known as segments, which must be evaluated as potential target markets”.