COMMERCE 2MA3 Chapter 1-10: Marketing Study Sheet

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Chapter 1: the art and science of saisfying consumers. Organizaions must create uility and customers to survive. Uility(4 types): form, time, ownership, and place. Aciviies marketers perform to create uility for customers: 1. idenifying customer needs, 2. designing products to meet those needs, 3. Markeing: an organizaional funcion and a set of processes for: creaing, communicaing and delivering value to customers, managing customer relaionships in ways that beneit the organizaion and its stakeholders. Consumers acquire goods and services on a coninuing basis to ill certain needs. To convert needs into wants, marketers: focus on the beneits of goods and services, should listen to consumer needs, require skill. Relaionship markeing extends to suppliers, distributors, and customers for strategic advantage: strategic aliiances, social networks: friends, likes, shares, Interacive and social markeing (5) social markeing/interacive - the use of online social media as a communicaions channel for markeing messages: mobile markeing, interacive markeing, buzz markeing.

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