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Marketing Ch.1.docx

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University of Ottawa

Marketing Ch1Marketing A set of business practises designed to plan for and present an organizations products and services in ways thats build effective customer relationshipsMarketing plan A written document composed of an analysis of the current marketing situation opportunities and threats for the firmmarketing objectives and strategy specified in terms of the fours ps action programs and projected or pro forma income statementsNeed A person feeling physiologically deprived of basic necessities such as food clothing shelter and safetyMarket Refers to the groups of people to whom an organization is interested in marketing its products services or ideasTarget market The customer segment or group to whom the firm is interested in selling its products and services potential customers who have both an interest in the product or service and the ability to buyExchange The trade of things of value between the buyer and seller so that each is better off as a resultMarketing mix Product price place and promotion the controllable set of activities that a firm uses to respond to the wants of its target marketsProductCreating value Create value by developing a variety of productservices and ideas to satisfy customer needsProductservice BrandSizeQuality FeaturesPackagingWarranty PriceTransacting value The overall sacrifice a consumer is willing to makemoney time and energy to acquire a specific product or serviceList priceDiscounts
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