Business Administration 3301K Chapter Notes - Chapter 1,2,3,4,5,6,7,16: Knowledge Economy, Pineapple, Canadian Tire
27 Jan 2015
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Marketing is essentially creating value for consumers and the company"s shareholders. Exchanging something of value that satisfies a need. Marketing has evolved over the years into what todays concept of value-based marketing. Canadian marketing association defines marketing as a set of business practices designed to plan for and present an organizations products or services in ways that build effective customer relationships". Marketing plan a written document 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 p"s, action programs and pro forma income statements. Marketing is about satisfying customer needs and wants: Need: when a person feels deprived of the basic necessities of life, such as food, clothing. Want: is the particular way in which the person chooses to fulfill his or her need, which is shaped by a person knowledge, culture, and personality.
