BUS 343 Lecture Notes - Crowdsourcing, Consumerism, Sustainable Development

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Customer value = the benefits a customer receives from buying and using a good or service in relation to the costs and sacrifices of buying and using it. Marketing 1 = is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing 2 = is the process of achieving individual and organizational objectives by creating superior customer value for one or more target markets with a sustainable strategy. Target market = the group(s) of consumers or customers on which an organization focuses its marketing plan and toward which it directs its marketing efforts. Marketing is about creating value for diverse stakeholders. Stakeholder = people or organizations who influence or are influenced by marketing decision; any people or organization which has a stake in the outcome of the economic exchange.

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