Marketing- Chapter One notes
Marketing is a set of business practices desgine to plan for and present an
organizations products or services in ways that build customer relationships.
A marketing plan is a written document composed of an analysis of the current
marketing situation, opportunities and threats for the firm.
A target market is a segment or group to whom the firm is interested in selling its
products and services too.
marketing is the following:
1) Satisfying needs of customers needs and wants.
2) Marketing entails value exchange
The Four P’s of Marketing:
1) Product: Creating value: creating goods to sell to customers to meet their needs
2) Price: Transacting values: Overall sacrifice of a consumer to acquire a specific
3) Place: Delivering value: The activities necessary to get the product from the
manufacturer or producer to the right customers when they want it. Essentially,
4) Promotion: Communicating value: Promotion is communication by a marketer
that informs, persuades and reminds potential buyers of a product.
How Marketing helps create Value: DIFFERENT TYPES OF MARKETING.
1) Product orientation: Products are created to make a need rather than to always
fulfill a need or want.