ECON344 Chapter Notes - Chapter 1: Retail, Institute For Operations Research And The Management Sciences
10 Jun 2016
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Document Summary
Marketing: a set of business practices designed to present products and services to build customer relationships. Exchange: a trade of things of value which leaves both parties better off. A product creates value to satisfy a (cid:272)usto(cid:373)er"s (cid:374)eeds/wa(cid:374)ts can be a good (physical), service (intangible), or idea (thoughts, opinions) Everything the buyer gives up in exchange for the product. Money, time, energy customers are satisfied with the product, seller achieves a profit. Get the product from the manufacturer to the customer when they want it supply chain management has the goal of integrating suppliers, manufacturers, warehouses, stores, etc. P #4: promotion communicates the value to the customer informs, persuades, and reminds potential buyers about the product. Marketing is not only useful for making profit, but also for non-profit firms such as a university, politicians, or a museum. Forms of orientation: produ(cid:272)t: a good produ(cid:272)t will sell itself regardless of the (cid:272)usto(cid:373)ers (cid:272)usto(cid:373)er"s (cid:374)eed, sales: sell as much as possible.
