BUS 360 Lecture Notes - Lecture 1: Business Marketing, History Of Marketing, Marketing Mix

• School: NCSU
• Department: Business Management
• Course: BUS 360
• Professor: Thomas Joseph Byrnes

Document Summary

Marketing is an organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Marketing is about satisfying customer needs and wants. Broad terms marketplace = world of trade. Narrow terms marketplace = segmented into groups of people for particular reasons. Marketers would prefer to sell their goods and services to everyone, but that"s no practical. Good marketers seek out potential customers who have both an interest in the product and the ability to buy it. The trade of things of value between the buyer and the seller so that each is better off as a result. Marketing requires product, price, place & promotion decisions. The 4 p"s are the controllable set of decisions or activities that the firm uses to respond to the wants of its target markets.