BU352 Chapter Notes - Chapter 1: Marketing Plan, Marketing Mix, User Friendly
Document Summary
Marketing is a set of business practices designed to plan for and present an organization"s products/services in ways that build effective customer relationships. It requires careful planning and emphasis on ethical implications of any decisions on consumers and society. Marketing entails value exchange: exchange: the trade of things of value between buyer and seller so each is better off. Marketing requires product, place, price, and promotion decisions (marketing mix: product creating value: Create value by providing good, service, idea to satisfy customer needs (ie. water bottles) Services = intangible; produced by machines or people and can"t be separated from the producer. Combination of goods and services; example: hakim optical, eye exam (service), lenses (good) Ideas = thoughts, opinions, philosophies, intellectual concepts that can also be marketed: price transacting value: Everything the buyer gives up money, time, energy. All activities necessary to get product from manufacturer to the right customer.
