[SMG MK 323] - Final Exam Guide - Ultimate 43 pages long Study Guide!
29 Nov 2016
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Firms develop a marketing plan that specifics the marketing activities for a specific period of time. Marketing is about satisfying customer needs and wants: fundamental to market success, marketplace refers to the world of trade. Marketing entails and exchange: exchange the trade of things of value between buyer and the seller so that each is better off as a result. Marketing fundamental purpose is to create value by developing a variety of offers, including goods, services, and ideas to satisfy customer needs: price: capturing value. Price is everything the buyer gives up money, time, and/or energy in exchange for the product. Must determine price of a product on the basis of the potential"s buyer belief on its value: place: delivering the value proposition. Represents activities necessary to get the product to the right customer when that customer wants it. Place deals specifically with retailing and marketing channel management, known as supply chain management.
