BU352 Study Guide - Final Guide: Umber, Psychographic, Impulse Purchase
Document Summary
Value: the fundamental purpose of marketing is to create value for both the firm and customer what you get for what you give up. Contrasting approaches: production: make the best product you can and people will buy it, sales: sell this inventory no matter what it takes, marketing: maybe people don"t want the best product find out what they do want. We"ll throw in a set of glassware: marketing: find out what consumers want before you make the product. Production approach: we run theme parks and make films. Important for society through its embrace of solid, ethical business practices: great companies have been founded by marketers and an entrepreneurial spirit pervades the marketing decisions of all firms. Chapter 2 developing a marketing plan and marketing strategies. Implementation phase identify/evaluate different opportunities by engaging in segmentation, targeting, positioning; develop/implement the marketing mix by using the 4 p"s: control phase evaluate the performance of the marketing strategy and take necessary corrective actions.
