Core Concepts of Marketing

INTRODUCING MARKETING

LEARNINGOBJECTIVES

Asyou readthechapter,you shoulddevelopanunderstandingofthe

followingkeymarketingconcepts:

• Theimportantrolemarketingcan playinthesuccessofan
  organization.


• Organizationsthatcorrectlyemploy marketinghaveseveral
  common characteristics.


• Thevariouskindsofmarketing.


• thestrategicworkingsofmarketingcomponents.

ELVIS-ALIVEANDWELL

It'sElvisweekinMemphis,andallovertownthey'vegotbanners:'''20years/Still

Rocking.'"Isitjustus,orisit weirdtowaxsoupbeataboutthetwentiethanniversaryof

a death?Youcan'thelpbutfeelthattheworld'sgottheElvisPresleyit wanted:a

changeless,agelessobjectofcontemplationandveneration.ElvisWeekculminatesinan

eventcalledElvis-TheConcert 2000 inwhichthemanhimself, resurrectedbyvideo

technology,willsingwithhislivingex-bandmatesandtheMemphisSymphonyOrches-

tra.Whowouldn'tsecretlypreferthisfail-safedigitizedspectacletoa weary62-year-old

grindingout"IfICanDream"onemoretime?

Twentyyearsago,nooneclosetoElviscouldhaveimaginedthathisfanswould

spendover$250millionannuallyonElvisdolls,plates,keychains,towels,andwigs-to

namejusta fewitems.TwoyearsafterElvis'sdeath,hisestatewasworthlessonpaperthan

it owedintaxes. Then,in1979,PriscillaPresley,Elvis'sex-wife,wasnamedanexecutorof

theestateforherdaughter.Thefamily'scrownjewels-Elvis'srecordings-hadbeensold

offyearsearlierandPriscillahadjustonechancetosavethelegacy.Shegambled that

Elvis's name,image,andlikenesswereworthsomething.Andsheturnedhishomeintoa

roadsideattractiontofmancea legalwar,fightingforcontrolofallthatwasElvis.

PriscillaconcludedthattherewasonlyonewaytosaveGraceland:sellticketsto

thehundredsofgawkerswhodailypressedtheirfacesagainstElvis'sgates.Meanwhile,

whynotsellsomegewgawstothefansthatwerealreadybuyingcheesytrinketsatthe

stripmallacrossthestreet?Buoyedbyaninitialinvestmentof$560,000,Graceland's

doorswereopenedtothepublicin1982.Ittook 38 daystorecouptheirinvestment;

350,000visitorswalkedthroughthehousethefirstyear."IfeltI wasbetrayingElvis,"

saysPriscilla,recallingherdecisiontoentertheamusementbusiness."Gracelandwas

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