BUAD301 Study Guide - Midterm Guide: Competitive Advantage, Market Segmentation, Sherman Antitrust Act

• School: University of Delaware
• Department: Business Administration
• Course: BUAD301
• Professor: Bambach Mark

Document Summary

Buad301 marketing exam 1 review: characteristics of marketing. 99. 9% of the time involves money, otherwise barter. Marketing drives organizations to focus on what it takes to satisfy the customer. Most of the things you want or need are available conveniently when and where you want or need them. Consumers pay for the cost of marketing activities. In advanced economies marketing costs about 50 cents of every dollar. Plays a large role in economic growth and development. Innovation the development and spread of new ideas, goods, and services. Marketing has a big impact on standard of living of a nation: characteristics of how we should define marketing. The idea of marketing as a set of activities done by an individual organization to satisfy its customers. Marketing is an important social process: micro view as a set of activities performed by organizations and also from a macro view as a social process.