BU352 Chapter Notes -Marketing Mix, Voice Of The Customer, Pro Forma

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1 Oct 2012
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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. Thoughtful planning and impacts of decisions on ethics and consumers and society. Specifies marketing activities for a specific period of time. Includes: how product will be conceived, how much should it cost, where it will be promoted, how to get it to the customer. 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. Market: refers to the groups of people to whom an organization is interested in marketing its products, services, or ideas. To understand needs and wants, must understand market. The people who need/want the company"s services and have the ability and willingness to buy.