MGMA01H3 Study Guide - Midterm Guide: Marketing Mix, Oligopoly, Monopolistic Competition
Document Summary
Marketing is the process of planning and executing the conception, pricing, promotion and distribution of goods and services, to create exchanges that satisfy all consumer needs. The 4 p"s of marketing (aka the marketing mix) Product what are you selling to your consumers. Price the prices which you are offering your consumers for your products or services. Place where you are selling these products (where your consumers can purchase these products from) Promotion how you promote your product and encourage people to purchase it (advertising & social media are examples) When you buy products, normally 50% of the profits goes towards the marketing of the product. Aristotle said that marketers are useless parasites". St. thomas aquinas created the utilities of marketing (product, price, place, promotion). Robert barters first used the word marketing" in 1910 and had the school of marketing management in the 1950"s. Two takes of marketers: discovering consumer needs, satisfying consumer needs fulfilling the 4 p"s.
