MKT 100 Chapter Notes - Chapter 1: Institute For Operations Research And The Management Sciences, Supply Chain, Root Mean Square

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25 Jul 2016
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Chapter 1
What is Marketing?
Marketing: 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: Written document composed of analysis of the current marketing situation,
opportunities, and threats for the firm, marketing objective and strategy specified in terms of the
four P’s
Target Market: The customer segments or group to whom the firm is interested in selling its
products of services
Exchange: The trade of things between the buyer and the seller to that each is better off as a
result
Core Aspects of Marketing
-Marketing helps create value
-Marketing occurs in many settings
-Marketing entails an exchange
-Marketing can be performed by both individuals and organizations
-Marketing requires product, price, place, and promotion decisions
-Marketing is about satisfying customer needs and wants
Four P’s of Marketing
Product: One main purpose is to create value by developing a variety of offerings, including
goods, services, and ideas to satisfy customer needs
-Brand, size, quality, features, packaging, warranty
Price: The overall sacrifice a consumer is willing to make- money, money, time, and energy to
acquire a specific product or service
-Discounts, Allowances, Costs, Payment Period, Credit Terms
Promotion: A communication by a marketers that informs, persuades, and reminds potential
buyers about a product or service to influence their opinions or elicit a response. Promotion can
enhance a product or service’s value
-Advertising, Sales Promotion, Personal Selling, Public Relations, Direct Marketing, Electronic
Media
Place: Describes all the activities necessary to get the product from the manufacturer or
producer to the right customer when that customer wants it
-Marketing Channels, Distribution Intensity, Locations:retailers, online, Supply chain Logistics
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