SMG MK 323 Midterm: MK323 midterm study guide

• School: Boston University
• Department: Marketing
• Course: SMG MK 323
• Professor: Deborah Utter

Document Summary

Marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Requires product, price, place, and promotion decisions. Can be performed by both individuals and organizations. Entails an exchange the trade of things of value between the buyer and the seller so that each is better off as a result. Price capturing value: everything the buyer gives up money, time, energy in exchange for the product, dete(cid:396)(cid:373)i(cid:374)e the p(cid:396)i(cid:272)e of a p(cid:396)odu(cid:272)t o(cid:374) the (cid:271)asis of the pote(cid:374)tial (cid:271)u(cid:455)e(cid:396)"s (cid:271)elief a(cid:271)out its (cid:448)alue. Promotion communicating the value proposition: communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions and elicit a response. Share information about their customers and competitors across their organization and even with other firms. T(cid:396)i(cid:448)e to (cid:271)ala(cid:374)(cid:272)e thei(cid:396) (cid:272)usto(cid:373)e(cid:396)s" (cid:271)e(cid:374)efits a(cid:374)d (cid:272)osts.