COMMERCE 2MA3 Chapter Notes - Chapter 1: Mass Production, Customer Relationship Management, Marketing Mix
15 Oct 2016
School
Department
Course
Professor
Document Summary
Marketing: set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relations. It requires thoughtful planning with an emphasis on the ethical implications of any of those decisions on consumers and society in general. If marketers succeed then the customers must believe that the firm"s products or services are valuable; the value of the product or service to the customer must be worth more than the actual price paid for it. Value of product is also enhanced through communication such as advertisement and personal selling: customers are educated about the benefits of their products and service and as a result increase their perceived value. Marketers need to make sure that the right quantities of the products/services are in the right place in the right time. Marketing plan: specifies a firm"s marketing activities for a specific period of time.
