BUSM 2001 Lecture Notes - Lecture 1: Qdoba, Guacamole, Billy Mays

• School: CU-Boulder
• Department: Business Minor
• Course: BUSM 2001
• Professor: Tracy Jennings/ John Lynch

Document Summary

Marketing is a fusion of various disciplines including biology, statistics, economics, visual arts and much more. Marketing facilitates the exchanges between buyers and sellers. A fu(cid:374)da(cid:373)e(cid:374)tal rule for (cid:373)arketi(cid:374)g is the 4 p"s: place, price, product and promotion. The place is walmart, the price is , the product is oxyclean, and the promotion is billy. Marketing is the activity, art, and science of designing, creating, communicating, delivering and exchanging goods and services that have utilities for customers. These exchanges not only benefit the customers, but also benefit the organization, its stockholders, and society as a whole. For(cid:373) utilit(cid:455) is a product"s e(cid:454)tra features, such as the (cid:449)i(cid:374)gs of a grill. Possession utilit(cid:455) is the product"s ease for custo(cid:373)ers to use. For e(cid:454)a(cid:373)ple, (cid:448)irtual pa(cid:455)(cid:373)e(cid:374)t procedures such as square, bitcoin, and stripe make it easier for customers to pay for products. Time utility is the speediness of the delivery of goods to consumers such as fedex and amazon.