COMMERCE 2MA3 Chapter 1: Chapter One — Overview of Marketing
11 Sep 2016
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Document Summary
Marketing: a set of business practices designed to plan for and present an organization"s products or services in ways hat build effective customer relationship. Need: basic necessities, such as food, clothing, shelter, and safety. Want: the particular way in which a person chooses to satisfy a need, which is shaped by a person"s knowledge, culture, and personality. Market: refers to the group of people who need or want a company"s products or services and have the ability and willingness to buy them. Target market: the customer segment or group to whom the rm is interested in selling its products and services. Exchange: the trade of things of value between the buyer and the seller so that each is better off as a result. Marketing mix (four p"s): product, price, place, and promotion the controllable set of activities that a rm sues to respond to the wants of its target markets.
