MKTG 2800 Study Guide - Final Guide: Caveat Emptor, Multichannel Marketing, Brand Loyalty
Document Summary
What makes up a market: potential consumers people with both the desire and ability to buy a specific offering. Target market one or more specific groups of potential consumers toward which an organization directs its marketing program. 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. The 4 ps controllable marketing mix factors make up the marketing program effective. Customer value unique combination of benefits received by targeted buyers that include quality, convenience, on-time delivery, before sale and after sale service at a specific price . Value strategies: best price, best service, best product. Features v. benefits- a feature is a factual statement about the product or service (specifications). Benefits are advantages gained form using the product or service (results)
