BNAD 303 Lecture Notes - Lecture 1: American Marketing Association, Redbox, Etsy

• School: University of Arizona
• Department: Business Administration
• Course: BNAD 303
• Professor: Hardesty

Document Summary

Define the role of marketing in organizations. Describe how marketers create value for a product or service. Understand why marketing is important, both within and outside the firm. American marketing association states that marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large . Marketing is an organizational function and 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. 4 ps of marketing: product: creating value. Develop a variety of offerings (goods, services, and ideas) that satisfies a specific need: price: capturing value. What the buyer gives up (money, time, or energy) in exchange for the product. How much the customers are willing to pay and how big the profit will be: promotion: communication value.