BUS 348 Study Guide - Midterm Guide: Target Market, Marketing Mix, Human Resources

• School: Stony Brook University
• Department: Business Management
• Course: BUS 348
• Professor: Julie Huang

Document Summary

Process of planning and executing the conception, pricing, promoting and distribution of ideas, products, services and events to create and maintain relationships that satisfy individual and organizational objectives. In today"s competitive market it is essential to provide value that matches the needs and wants of a target group of customers. Value is defined as the sum of the tangible and intangible benefits of a product minus its cost. Two sides of marketing art (advertising creativity) and science( market research) If yes, break it down into market segments. Pick a segment, that is your target market. Each segment get its own set of four ps". It is one of the four business functions all companies must perform: Four business functions: production/ operations (or service, need a market before it is made or product will fail, financial, human resources, marketing, make sure markets are willing to pay more than the cost. A true marketing company has a marketing orientation or philosophy.