MKT 201 Midterm: test 1 study guide
10 Feb 2017
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Document Summary
Marketing is all about an exchange: trade of things of value between buyer and seller so that both benefit, sellers communicate and facilitate delivery to their buyers; buyers in exchange give money and information to sellers. Developing a variety of offerings (not just coffee, but lattes, refreshers, teas) Ser(cid:448)i(cid:272)es: (cid:272)a(cid:374)"t tou(cid:272)h; (cid:373)ore of a(cid:374) e(cid:454)perie(cid:374)(cid:272)e (cid:894)airli(cid:374)e ti(cid:272)ket, hotel(cid:895) Ideas: thoughts, opinions; bike helmet poster contests: price: capturing value. Price=everything the buyer gives up in exchange for the product. How much are people willing to pay: place: delivering the value proposition. All activities necessary to get product to right customer at right time. Deals with supply chain management (integrate suppliers and manufacturers into seamless chain where merchandize is produced and distributed in right quantities, to right location at right time: promotion: communicating the value proposition. Informs, persuades and reminds potential buyers about a product/service to influence their opinion and elicit a response. Believed a good product would sell itself; ford.
