BU352 Chapter Notes - Chapter 1: Marketing, Pro Forma, Marketing Mix
Document Summary
Marketing: a set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships. Marketing is about satisfying customer needs and wants. Need: basic necessities, such as food, clothing, shelter, and safety. Want: the particular way in which a person chooses to satisfy a need, which is shaped by a person"s knowledge, culture, and personality. Market: refers to the groups of people who need or want a company"s products or services and have the ability and willingness to buy them. Target market: the customer segment or group to whom the firm is interested in selling its products and services. Exchange: the trade of things of value between the buyer and the seller so that each is better off as a result. Marketing mix (four ps): product, price, place, and promotion the controllable set of activities that a firm uses to respond to the wants of its target market.
