33:630:301 Lecture Notes - Lecture 1: Marketing, Bargaining Power, Marketing Buzz
Document Summary
Utility - the want-satisfying power of a good or service. Form - created when a company converts raw materials and component inputs into finished goods and services (by combining glass, plastic, metals, canon makes a digital camera) Time - when consumers find goods and services available. Place - where consumers want to purchase goods and services (convenience stores, vending machines) Ownership - the transfer of title to goods or services at the time of purchase (buying a new tv) An organization creates a consumer by identifying needs in the marketplace, finding out which needs the organization can profitably serve, and developing goods and services. Marketing - an organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. The marketing variables - product, price, promotion, distribution.
