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BU352 (267)
Chapter 1

Marketing - Chapter 1.docx

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Wilfrid Laurier University
Dave Ashberry

Chapter One: Overview of Marketing 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 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 Ps, action programs, and projected or pro forma income statements Need – a person feeling physiologically deprived of 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 Target Market – the customer segment or group to whom the firm is interested in selling its products and services; potential customers who have both an interest in the product or service and an ability to buy Marketing Mix (Four Ps) - the controllable set of activities that a firm uses to respond to the wants of its target markets Product – creating value – product/service, brand, size, quality, features, packaging, warranty Price – transacting value – list price, discounts, allowances, costs, payment period, credit terms Promotion – communicating value – advertising, sales promotion, personal selling, public relations Place – delivering value – marketing channels, distribution intensity, location (retailers, online) B2C – business to consumers – the process in which businesses sell to consumers B2B – business to business – the process of selling merchandise or services from one business to another C2C – consumer to consumer – the process in which consumers sell to other consumers th Production-Oriented Era – beginning of 20 century – firms believed that a good product would sell itself Sales-Oriented Era – 1920 to 1950 – manufacturers had the capacity to produce more than customers really wanted – firms depended on heavy doses of personal selling and advertising Market-Oriented Era – manufacturers turned from focusing on the war effort and toward consumer products – consumers again had choices so manufacturers and retailers began to focus on what consumers wanted and needed before they designed and attempted to sell their products/services Value-Based Marketing Era – firms attempt to discover and satisfy their customers’ needs and wants - to compete, they would have to give their customers greater value than their compe
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