BUSMKT 1040- Midterm Exam Guide - Comprehensive Notes for the exam ( 12 pages long!)
Document Summary
What is needed for marketing to occur: two or more parties with unsatisfied needs, desire and ability to satisfy these needs, a way for the parties to communicate, something to exchange. For product launches: focus on what the customer benefit is and learn from past mistakes. 4 ps (marketing mix) - product, place, promotion, price: also called controllable factors under control of marketing dept, e(cid:374)viro(cid:374)(cid:373)e(cid:374)tal for(cid:272)es are u(cid:374)(cid:272)o(cid:374)trolla(cid:271)le: (cid:272)ha(cid:374)gi(cid:374)g te(cid:272)h(cid:374)ology, (cid:272)o(cid:373)petitors" a(cid:272)tio(cid:374)s, etc. Customer value proposition cluster of benefits that an organization promises customers to satisfy their needs. Market segments homogenous groups of prospective buyers that have common needs and. Will respond similarly to a marketing action: college students, office workers, etc. for the new post-it note flag pen. Marketing concept an org should strive to satisfy the needs of consumers while also trying to a(cid:272)hieve the org"s goals. Ethics and social responsibility about produ(cid:272)t (cid:373)aterials, (cid:272)usto(cid:373)ers" i(cid:374)fo, et(cid:272). Firms, nonprofits, places, special causes, political candidates.
