BU352 Study Guide - Midterm Guide: Marketing Mix, Target Market, Market Orientation
Document Summary
Marketing: is a set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships. Good marketing requires thoughtful planning with emphasis on ethical implications on consumers and society. Marketing plan: specifies marketing activities for a specific period of time (broken down into various components including: design, cost, promotion, transport) Need: when a person feels deprived of the basic necessities of life (shelter, food, safety) Want: particular way in which person chooses to fulfill need (shaped by knowledge, culture, and personality) More narrowly, it can be segmented into groups of people. Good marketers seek out potential customers who have interest and ability to buy product. Target market: customer group to whom firm is interested in selling its products/services. Process of identifying target market is based on market research. Marketing is about an exchange (trading b/w buyer and seller)
