BUS 202 Chapter Notes - Chapter 11: Customer Relationship Management, Market Segmentation, Vending Machine
20 Feb 2018
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Document Summary
Marketing involves planning and executing the development, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. Create value by allowing individuals and organizations to obtain what they need and want. Exchange: the act of giving up one thing in return for something else. There are many intangible things of value. Ex: you buy a vacuum not because you want a vacuum but because you want clean carpets. Buying: a marketer must understand buyers" needs and desires to determine what products to make available. Selling: selling is a persuasive activity that is accomplished through promotion. Transporting: marketers focus on transportation costs and services. Storing: marketers focus on the cost of storage. Grading: standardizing products (ex: meats, steel, fruits) Financing: some larger items need credit in order to expedite the purchase. Market research: information makes it clear what the market wants. Risk taking: chance of loss associated with marketing decisions.
