[SMG MK 323] - Final Exam Guide - Comprehensive Notes for the exam (57 pages long!)

• School: Boston University
• Department: Marketing
• Course: SMG MK 323
• Professor: Lorri Veidenheimer

Document Summary

It is the activity, set of institutions and processes for creating, capturing, communicating and delivering and exchanging offerings that has value for customers, clients, partners and society at large. Marketing is about satisfying customer needs and wants. The fundamental purpose of marketing is to create value by developing a variety of offerings, including goods, services, and ideas to satisfy customers. Value based marketing: balance customer"s benefits and costs (benefits and costs are not always financial). Customers want products or services that meet their specific needs or wants and that are offered at a price that worth. Not need to be expensive, but customers should be willing to pay that much for its value. Marketing 4 ps: product, price, place and promotion. Value co-creation: customers can act as collaborators to create the product/ service. A related marketing mix: the bases on which the firm plans to build a sustainable competitive advantage.