Textbook Notes (362,730)
Canada (158,028)
Business (2,364)
BU352 (267)

Marketing - Ch 1.docx

5 Pages
Unlock Document

Wilfrid Laurier University
Grant Packard

Chapter 1 Overview of MarketingMarketing A set of business practices designed to plan for and present an organizations products or services in ways that build effective customer relationshipsThoughtful planning and impacts of decisions on ethics and consumers and societyMarketing 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 and other financial statementsSpecifies marketing activities for a specific period of timeIncludes how product will be conceived how much should it cost where it will be promoted how to get it to the customerCore Aspects of Marketing Marketing ois about satisfying customer needs and wants o entails value exchange o requires product price place and promotion decisions o can be performed by both individuals and organizations o occurs in many settings o Marketing helps create value1 Marketing is about Satisfying Customer Needs and Wants 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 persons knowledge culture and personalityMarket 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 marketThe people who needwant the companys services and have the ability and willingness to buy Target Market The customer segment or group to whom the firm is interested in selling its products and services It is potential customers who have both an interest in the productservice and an ability to buy Ex Seniors children toddlers preteens teens and adultsWhich market segments is your product most relevant toBuild a marketing strategy that meets needs and wants of your target market2 Marketing Entails Value Exchange Exchange The trade of things of value between the buyer and the seller so that each is better off as a result Exchange Diagram Seller Buyer Relationships
More Less

Related notes for BU352

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.