COMMERCE 2MA3 Lecture 1: Chapter 1
9 Sep 2016
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Document Summary
In the past we used to make products first and then question who to sell it to. Marketing is the closest to customers, know them most. Most products include some services not just products. About 30 years ago marketers focused more on customers purchasing their product once, but now marketers are concerned with forming customer relationships. Most car companies offer discounts to undergrad students. The first car you buy from you are likely to keep buying from that same car company. Marketing creates value, this is the most important aspect. If the perceived value is higher than the price you are charging, then the customer will purchase your product. All of marketings tactical decisions are divided into the four ps (product, price, place, promotion). The most common form of marketing is done by people looking for jobs (resumes, interviews etc). Marketing is about trying to find the needs and wants and trying to satisfy them.
