MARK 201 Midterm: Midterm notes MARK 201
1 Oct 2017
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The firm"s stakeholders: these include employees, unions, customers, competitors, activists, government and the press (these people affect company) The marketing process: 1) understand the marketplace + customer"s needs/wants 2) Given someone"s wants, people demand products that add up to most value + satisfaction. Marketing offerings: a combination of products, services, information, or experiences offered to a market to satisfy a need or want. Marketing myopia: the mistake seller"s make of paying more attention to the specific products a company offers than to the benefits & experiences produced by these products. Goal of marketing: satisfying consumer needs and building customer relationships: exchange: the act of obtaining a desired object from someone by offering something in return. Marketing consists of actions to build/maintain desirable exchange relationships with target audiences involving a product, service, idea, etc: markets: the set of actual and potential buyers of a product. These buyers share a particular need/want that can be satisfied through exchange relationships.
