MKBU 3225 Lecture Notes - Lecture 1: Consumer Behaviour
10 Sep 2016
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Document Summary
Marketing individual and organizational activities aimed at satisfying needs and wants through an exchange process within a set of dynamic environmental forces. Product, price, promotion & place are the market mix (aka market variables) and are controllable variables. Integrated marketing product, price, promotion, and place work together and none is more important than the other: market research, consumer behavior, planning. Marketing does not take place without an exchange: criteria for exchange. Must have something of value to the people involved. Must be able to communicate and deliver exchange. Must be free to accept or reject the exchange: exchange takes place in markets. Dynamic environmental forces (aka business environment aka marketing environment) totality of forces that are external to the organization and potentially relevant to the organization: dynamic environmental forces are uncontrollable variables. Role of the marketing manager: process, market research, stp. Segmentation general division of the population: ex: ages 18-25.
