Management and Organizational Studies 2320A/B Midterm: Marketing Exam 1 Review
Document Summary
Marketing > is manipulation > which is the process by which companies create value for customers and builds strong relationships with them in return. At the end of the day it is supposed to satisfy individual and organizational objectives. Value > is something that will satisfy the needs of a consumer. It"s about choosing target markers and building profitable relationships with them. Marketing mix > set of controllable tools the firm blends to produce the response it wants in the target market. Price > decide how much to charge for the offering. What are the 4 things required for marketing to occur: two or more parties with unsatisfied needs, desire and ability to satisfy those needs, a war for the parties to communicate to their customers, something to exchange. Wants > the form human needs take which are shaped by culture and individual personality. Demands > are wants backed by buying power.