COMM 296 Chapter Notes - Chapter 1: Customer Relationship Management, Marketing Mix, Retail
Document Summary
Overview of marketing (1) define the role of marketing in organizations & list elements of marketing mix. Marketing: the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Core aspects: satisfies customer needs and wants. Seek potential customers who is interested and has ability to buy: entails an exchange. Exchange: trade of things between buyer and seller so each is better off as a result: requires marketing mix aka 4p (product, price, place, and promotion) to wants of its target markets. Marketing mix: controllable set of activities that firm uses to respond. Price: capture value everything buyer gives up (cid:523)time, energy (cid:524) Place: deliver value activities needed to get the product to customer. Promotion: communicate value promote value at right time and place (supply chain management) C2c: consumers-to-consumers marketing: performed by individuals and organizations, occurs in many settings.
