Marketing is the process of planning and executing the conception, pricing, promotion,
and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. Marketing adds value in the form. of utility, or the power of a product or service to satisfy a need. It creates place utility by making products available where customers want them, time utility by making products available when customers want them, and possession utility by transferring the ownership of products to buyers.
Business people focused on the production of goods from the Industrial Revolution until the early twentieth century, and on the selling of goods from the 1920s to the 1950s. Marketing received little attention up to that point. After 1950, however, business people recognized that their enterprises involved not only production and selling but also the satisfaction of customers'needs. They began to implement the marketing concept, a business philosophy that involves the entire business organization in the dual process of satisfying customer needs and achieving the organization's goals.
Implementation of the marketing concept begins and ends with marketing information about customers — first to determine what customers need, and later to evaluate how well the firm is meeting those needs.
21. Marketing adds value in the form. of utility, or the power of a product or service to satisfy a need.
22. Business people focused on the production of goods from the Industrial Revolution until the 19 century.
23. From 1920s to 1950s, marketing received a lot of attention from public.
24. Business people began to implement the marketing concept, a business philosophy that involves the process of satisfying customer needs and achieving the organization's goal.
25. Implementation of the marketing concept begins and ends with marketing information about customers.