MMC 4200 Lecture Notes - Lecture 11: Arm And Hammer, Individual And Group Rights, Cash Cow
15 Jun 2016
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Segment 1 : introduction and overview (related chapter in text: 1) Define marketing and be able to distinguish it from selling, advertising, and public relations. ): marketing is the activity, set of institutions, and processes for creating, The purpose of a business is to create and retain customers. Marketing is the profitable creation of customer value. Customer value: the unique combination of benefits received by targeted buyers that includes quality, price, convenience, on-time delivery and both before-sale and after-sale service. Marketing mix: controllable factors of product, price, promotion, and place (the 4 p"s) used by marketing managers. Marketing program: a plan that integrates the marketing mix to provide a product, service, or idea to prospective customers. Ratio of the firm"s sales revenues to total industry sales revenues (including the firm"s) Sometimes measured in unit sales rather than sales revenues. A key indicator of a successful marketing program.
