COMMERCE 2MA3 Lecture Notes - Lecture 1: Direct Marketing, Market Orientation, Marketing
8 Dec 2016
School
Department
Course
Professor
Document Summary
Not simply a buyer and seller exchanging money for a good or service. Can be an exchange of information for convenience. Marketing is a set of business practices designed to plan for and present an organization s products or services in ways that build effective customer. Marketing is about satisfying customer needs and wants. Marketing requires product, price, place and promotion decisions. Marketing can be performed by both individuals and organizations. Price-everything the buyer gives up in exchange for the product; money, energy, time. Place- all activities necessary to get the product to the right customer when that customer wants it; supply chain management is the field that examines these activities. Promotion- the communication activities of marketing; used to inform, persuade and remind potential buyers; used to influence their opinion or elicit a response. Marketing- impacts many stakeholders; profit and nonprofit entities, developing economies and entire industries. Use data to assist in maintaining the relationship.
