MKTG 611 Lecture Notes - Money Supply, Waste Oil, Marketing Ethics
Document Summary
1 marketing"s value to consumers, firms and society. Customer satisfaction: extent to which a firm fulfills a customer"s needs, desires, and expectations. Marketing encourages research and innovation: the development and spread of new ideas, goods, and services. Leads to fuller employmt and higher incomes. Marketing: performance of activities that seek to accomplish an organization"s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer. Tries to anticipate customer needs and meet those needs. Marketing occurs only when 2+ parties are willing to exchange something for something else, as opposed to pure subsistence economies: each family unit produces everything it consumes. Macro-marketing: social process that directs an economy"s flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes society"s objectives. Universal function of marketing: buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market info.
