MARK20100 Lecture Notes - Lecture 3: Marketing Mix
Document Summary
4 p"s of marketing = 4 main functions = marketing mix. The tools marketers use: *product = a bundle of benefits (simple definition); a need- satisfier, price, promotion, distribution. Don"t think of product as a physical object: non-physical objects that are products: service, consulting work, products are goods and services insurance, etc. *customer = any actual or potential buyer: *consumer = any individual or household who buys for personal, non-consumers: business, institution, retail store, notre dame, use or consumption (type of customer) etc. If marketing has such a healthy fixation on satisfying customers, why is there so much dissatisfaction: 1. A lot is self-imposed because of human incompetence (people make mistakes). Example: unrealistic expectations, marketers" faults: 3. Sometimes because of government interference (when there is too much government regulation) Examples: government takes about sh. 60 of . 70- . 90/gallon of gas where the oil company only gets about. Some people out there are trying to cheat their customers (not.
