BUSI 520- Final Exam Guide - Comprehensive Notes for the exam ( 57 pages long!)
28 Mar 2018
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Document Summary
Chapter 1: defining marketing for the new realities. Aim: make selling superfluous, know and understand the customer so well that the product or service fits him and sells itself. Marketing management: art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. Marketing entities (10: goods, services, events, experiences, persons, places, properties, organizations. Marketer: someone who seeks a response attention, a purchase, a vote, a donation from another party. If two parties are selling to each other they are both called marketers. Market: collection of buyers and sellers who transact over a particular product or product class, also used to describe customer groups, types (5, resource, consumer, government, manufacturer, intermediary. Much government purchasing requires bids; buyers often focus on practical solutions and favor the lowest bid, other things equal. Needs: basic human requirements such as for air, food, water, clothing, and shelter, types (5, stated, real, unstated, delight, secret.
