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Marketing - Final Notes.docx

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BUSI 2204
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Chapter 1IntroductionMarketing is essentially Creating value for consumers and shareholdersabout You want to know for which market segment your product is most relevant to and then make sure you build a marketing strategy that meets the needs and wants of the segment marketMarketing is a set ofBusiness practices designed to plan for and present an organizations productsservices in ways that build effective customer relationshipsit is not just about buyers and sellers exchanging money for goodsservices or about making profitmarketers must address the ethical implications of their actions on societyMarketing planDeveloped by firmsSpecifies the marketing activities for a period of timeBroken down intohow the product will be designedcost of productwhere and how it should get promotedhow it will get to customersetc6 Core aspects of occurs in many settingsmarketinghelps create valueis about satisfying customer needs and wantsmarketing entails an exchangecan be performed by both individuals and organizationsrequires 4 Ps decisionsNeedWhen a person feels deprived of the basic necessities of lifeWantThe particular way in which a person chooses to fulfill his or her needsshaped by knowledge personality and cultureTo understand customer Identify the customer or market for its productserviceneeds and wants the company must firstThe market for a firms All customers who want or need the product and have the ability offerings consists ofand willingness to pay for itHigh tech marketingThe use of newer technologies for marketing eg Online advertisingOrThe marketing of high tech products themselves eg military equipmentMarketing entailsValue exchangethe fundamental purpose of marketing is to create value for both the firm and the customerfirms must offer customers something in excess of that being offered by competitorsfirms must understand how each aspect of their product or service creates customersExchangeThe trade of things of value between the buyer and seller so that each is better off as a result4 PsProductPricePlacePromotionthese are all considered controllable aspects of marketing although there are some aspects that which marketers have nocontrol overProductCreating value by creating goods and services that meet customer needsGoodsItems that customers can physically touchServicesIntangible customer benefits that are produced by people or machines and cannot be separated from the producerIdeasThoughtsopinions philosophies and intellectual concepts that also can be marketedPriceEverything that the buyer gives up in exchange for the product eg Money time energyPlaceActivities necessary to get the product from the manufacturerproducer to the right customer when the customer wants itBusinesses need a reliable strong and efficient distribution systemPromotionCommunication by a marketer that informs persuades and reminds potential buyersChapter 2Marketing Plan and Marketing Strategies
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