BU352 Lecture Notes - Lecture 1: Pro Forma, Marketing Mix, Retail
Document Summary
Marketing: business practices intended to plan for and present an organization"s g/s to build effective customer relationships. Marketing plan: written analysis of the present marketing situation, opportunities and threats for the firm, marketing objectives & strategy specified in terms of the four ps, action programs, and projected or pro forma income statements. Need: person physiologically deprived of basic necessities (e. g. food, clothing, shelter, safety) Want: how a person chooses to satisfy needs shaped by person"s knowledge, culture, and personality. Target market: customer segment or group to whom the firm is interested in selling its g/s. Potential customers who have both an interest in the product or service and an ability to purchase. Marketing mix: set of activities a firm uses to respond to the demands of the target market. Product: creates value (the g/s, brand, quality, features, size, presentation such as packaging, warranty)
