Satisfying customer needs (creating utility) through the exchange process.
Create a Marketing Mix (4ps):
To illustrate the marketing era/concept Peter Drucker, in 1954 said:
"if we want to know what business is we must first start with its purpose...There is only one valid definition of business purpose: to create a customer. What business thinks it produces is not of first importance-especially not to the future of the business or to its success. What the customer thinks he/she is buying, what he/she considers "value" is decisive-it determines what a business is, what it produces, and whether it will prosper."
-Peter Drucker, The Practice of Management, 1954, P.37
John B McKitterick, President of General Electric, 1957, addressing the
"It is customer oriented, integrated, profit oriented philosophy of business."
Still need to make a profit "meeting needs profitably"
For the launch of Windows 95, Microsoft has contracted five additional companies (including Unisys and DEC) to handle the anticipated overlaod in demand for the 1-800 #. They had the capacity available to handle 40,000 phone calls in the first day (twice their usual capacity), but still left customers waiting for service.