MARK 201 Study Guide - Midterm Guide: Market Segmentation, Strategic Planning, Marketing Mix
13 Jan 2017
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Document Summary
The role of marketing organizations is managing profitable customer relationships, and creating & capturing value. In a purchase, there is an exchange; the customer gives money, and in return, a company delivers a product a service or an experienced, so in other words, the exchange is mutually beneficial. A market is the set of actual and potential buyers of a product or service. Marketing management is the art and science of choosing target markets and building profitable relationships with them. The production concept holds that consumers will favour products that are available and highly affordable. Therefore, the management should focus on improving production and distribution efficiency. The product concept holds that consumers will favour products that offer the most in quality, performance and innovative features. The selling concept holds that consumers will not buy enough of the firm"s products unless it undertakes a large-scale selling and promotion effort.
