BUS 346 Study Guide - Midterm Guide: Consumer Protection, Zip Code, Arena
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. Creating value 4 ps o product o place o price o promotion. Goods are items that you can physically touch. Services are intangible customer benefits that are produced by people or machines and cannot be separated from the producer (ie comforting or convenient experience) Ideas include thoughts, opinions, and philosophies; intellectual concepts such as these also can be marketed (ie promoting bicycle safety) Price is everything the buyer gives up - money, time, and/or energy - in exchange for the product. Marketers must determine the price of a product carefully on the basis of the potential buyer"s belief about its value. The key to determining prices is figuring out how much customers are willing to pay so that they are satisfied with the purchase and the seller achieves a reasonable profit.
