BMGT 350 Lecture Notes - Lecture 11: Infomercial, Rust Belt, Silent Majority

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 350
• Professor: Henry Boyd

Document Summary

The goal of marketing is not to maximize consumer satisfaction. Its purpose is to generate consumer value at a profit. -thomas e. caruso. Generate value at a profit = happiness. Articulates what the firms want to do. In politics: there is always a plan or a vision. No specifics when someone is running for office- elect me first and then get the specifics. You have to be able to specify the nitty gritty and the details. Be able to conceptualize the game plan. Specifies how the firm will accomplish it. Has a target market and marketing mix. A homogeneous set of consumers that the firm pursues. Similarity is based on shared characteristics, lifestyle, behavior. 4 p"s = interdependent (if you do something to one p it will affect others-arrows must point same way) & changeable. Good-service combination the firm offers to its target markets. Has to do more than just work; needs to look nice.