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Chapter 1

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ADM2320 Midterm Review ch17Chapter 1 Overview of marketingWhat is marketingSet of business practices designed to plan for and present an organizations products or services in ways that build effective customer relationships Marketing plan composed of an analysis of the current marketing situation opportunities and threats for the firm marketing objectives and strategy specified in terms of the four ps action programs and projected financial statementsMarketing strives to create value enhance value through communication facilitate the delivery of value Core aspects of marketing1 Satisfying customer needs and wants Need physiologically deprived of basic necessitiesWant the particular way in which a person chooses to satisfy a need shaped by a persons knowledge culture and personalityMarket refers to groups of people who need or want a companys products or services and have the ability and willingness to buy themTarget market the customer segment or group that the firm is interested in selling its pr
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