ECON 344 Lecture Notes - Corporate Social Responsibility, Marketing Ethics, Business Ethics
Document Summary
Marketing: a set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships. Need: person feeling physiological deprived of basic necessities such as food, clothing, shelter, safety. Want: the particular way a person chooses to satisfy a need, which is shaped by knowledge, culture, personality. Marketing entails value exchange trade of things of value between buyer/seller so each is better off. Communicating value, enhancing a products value to consumers. Price is overall sacrifice consumer willing to make. All activities necessary to get product from manufacturer to consumer. Supply chain is important to ensure things are available when ppl want it. Marketing can be performed by both individuals and organizations. Concerned with product innovation, not with satisfying needs of consumers. Great depression and wwii conditioned ppl to consume less, thus firms needed to sell.