SMG MK 323 Lecture 1: MK 1 Intro to Marketing
15 Aug 2019
School
Department
Course
Professor
Document Summary
Marketing - activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing is about satisfying customer needs and wants. Key questions marketers ask to understand the buying process. Fundamental purpose of marketing is creating value. 4ps are decisions or activities that firm uses to respond to demand. Do so by creating goods, services, and ideas to satisfy customer needs. Services - intangible customer benefits produced by people or machines. All activities necessary to get the product to the right customer when customer wants it. Price is everything a buyer gives up (money, time, energy) in exchange for product. Key to determining prices figure out how much customers are willing to pay and. Chapter 1 assess whether a profit can be made at that point. Informs, persuades, reminds potential buyers about product/service to influence opinion or response.
