COMMERCE 2MA3 Chapter Notes - Chapter 1: Marketing, Marketing Mix, Marketing Channel
22 Sep 2017
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Document Summary
We engage in marketing when you exchange something of value to satisfy a need. Marketing is a set of business practices designed to plan for and present an organization"s products of services in ways that build effective customer relationships. Firms develop a marketing plan that specifies their marketing activities for a specific period of time. In any exchange, the buyer and seller should be satisfied with the value they obtained from a transaction. Marketing is about satisfying customer needs and wants. A need is when a person feels deprived of the basic necessities of life. A want is the particular way in which the person chooses to fulfill his or her need, which is shaped by a person"s knowledge, culture and personality. To understand customer needs and wants, the company must first identify the customers or market for its product or service. The market refers to the world of trade.
