Chapter 1 Welcome to the World of Marketing: Create and Deliver Value I. CHAPTER OVERVIEW Marketing is all around us. Marketing is delivering value to everyone who is affected by a transaction. Organizations seek to ensure their long-term profitability by identifying and satisfying customer needs and wants through a transaction or an exchange that creates value. In the course of this process, organizations find and keep satisfied customers. In Chapter 1, these concepts are explored. In addition, students learn the definition of product and benefit. Students are introduced to the 4 Ps and their interdependent relationship. Students quickly learn that marketing is a part of our everyday life. II. CHAPTER OBJECTIVES • Understand who marketers are, where they work, and marketing’s role in the firm. • Explain what marketing is and how it provides value to everyone involved in the marketing process. • Explain the evolution of the marketing concept. • Understand the range of services and goods that organizations market. • Understand value from the perspectives of the customers, producers, and society. • Explain the basics of marketing planning and the marketing mix tools we use in the marketing process. III. CHAPTER OUTLINE The outline also includes a feature entitled “Marketing Moment,” which is identified by an arrow icon (►). These are short, in-class activities—appropriate for either individual or group work. ►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