Marketing encompasses a diverse set of decisions and activities performed by individuals and by both business and nonbusiness organizations. The American Marketing Association defines marketing as -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.” [1] The marketing process involves eight major functions and numerous related activities. (See Table 12.1 in the text.)
How, specifically, does marketing create place, time, and possession utility? How is a marketing-oriented firm different from a production-oriented firm or a sales-oriented firm? What is the purpose of market segmentation? What is the relationship between market segmentation and the selection of target markets?
