ADM 2320 Chapter Notes - Chapter 1: Marketing, Justin Bieber, Customer Relationship Management
7 Dec 2013
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Marketing is a set of business practices designed to plan for and present an organization"s products or services in ways that build effective customers relationships. Just about buyers and sellers exchanging money for goods and services: about making a profit. The fundamental purpose of marketing is to create value for both the firm and customer: value is in essence what you get and what you give up. The exchange can occur between any two parties: exchange: the trade of things of value between the buyer and the seller so that each is better off as a result. Not simply a buyer and seller exchanging money for a good or service. Can be an exchange of information for convenience: ex: itunes justin bieber albums. Core three: marketing requires product, price, place, and promotion decisions. Marketing mix (four ps): product, price, and promotion the controllable set of activities that a firm uses to respond to the wants of its target markets.
