MKTG 341 Lecture 1: marketing-letcure 1 2:1:17

• School: Towson University
• Department: Marketing
• Course: MKTG 341
• Professor: Trevor Illes

Document Summary

Is about satisfying customer needs and wants. Entails an exchange: goods/services of producers(sellers) communications & delivery customers/consumers (buyers) money & information. Requires product, price, place, and promotion decisions. Functional needs: purely things that are functional. Psychological needs: wants that are created by personality, environment to become a psychological need. There are produ(cid:272)ts in (cid:862)the s(cid:449)eet spot(cid:863) that ser(cid:448)e a fun(cid:272)tional need that are also (cid:272)onsidered a (cid:862)(cid:272)ool (cid:271)rand(cid:863) Marketing is about satisfying those customer wants and needs. Extra segments that these benefits might appeal to. Products: creating value, goods, services, ideas, should and need to create value in order to be successful. Price: capturing value, price is the amount of money charged for a product or service. Place: delivering the value proposition, place, or supply chain management, describes all activities necessary to get the product to the right customer when the customer wants it.