MKTG 2800 Study Guide - Midterm Guide: Lead Generation, Oligopoly, Neuromarketing
7 Nov 2017
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Chapter 1 creating customer relationships & value through marketing. Definition of marketing (1) marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Definition of marketing (2) marketing is the process of creating, communicating, and delivering value to a target market at a benefit. What is marketed: physical goods, services, people. Potential customers make up a market 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. Exchange people giving up something to receive something they would rather have. Conditions for exchange: at least two parties, desire to deal with another party, something of value, communication and delivery, freedom to accept or reject. Customer value proposition a cluster of benefits that an organization promises customers to satisfy their needs.
