COMMERCE 2MA3 Chapter Notes - Chapter 1: Marketing, Espn Bottomline, Marketing Plan
16 Sep 2016
School
Department
Course
Professor
Commerce 2MA3
Chapter 1: Overview of Marketing
Marketing: is a set of business practices designed to plan for and present an
organization’s products or services in ways that build effective customer
relationships
Marketing plan: specifies their marketing activities for a specific period of time, it
is broken down into various components- how the product or service will be
conceived or designed, how much it should cost, where and how it will be promoted,
and how it will get to the consumer.
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 groups of people who need or want a company’s product and
have the ability and willingness to buy them
Target Market: the customer segment or group whom the firm is interested in
selling its products and services
Marketing entails an exchange
Exchange: the trade of things of value between the buyer and the seller so that each
is better off as a result
Marketing Mix 4 P’s product, price, place and promotion- the controllable set of
activities that a firm uses to respond to the wants of its target markets
Goods: items that can be physically touched
Services: are intangible customer benefits that are produced by people or machines
and cannot be separated from the producer
Ideas: thoughts, opinions, philosophies, and intellectual concepts
Price: the overall sacrifice a consumer is willing to make- money, time, energy- to
acquire a specific product or service
B2C(Business-to-consumer): The process in which businesses sell to consumers
B2B (Business-to-business) the process of selling merchandise or services from
one business to another
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Marketing: is a set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships. 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 groups of people who need or want a company"s product and have the ability and willingness to buy them. Target market: the customer segment or group whom the firm 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 (cid:523)4 p"s(cid:524) product, price, place and promotion- the controllable set of activities that a firm uses to respond to the wants of its target markets.
