MKT 3401 Chapter : EXAM 1 REVIEW
Document Summary
Ch. 2: differentiate marketing, the marketing concept, and storytelling, marketing is all about parties to a transaction performing activities, going through a process and profit walking away with something of value. [the ama definition: the marketing concept involves satisfying customers wants/needs while still maintaining a long-term. It"s everything that occurs between a buyer and a seller to facilitate a valued exchange: marketers identify customers" wants/needs and then provide products or services that with desired benefits to satisfy those wants/needs. Benefits = functional: the marketing mix consists of the tools the organization uses to create a desired response among a set of predefined consumers. It"s really about the experience you relate to: understand basic elements of product, pricing, place & promotion, & Buys goods and sells to other businesses: retailers the last point in the distribution chain, merchant sells to final cons. Customer will pull the product into demand if the store does not normally carry the product.
