MKTG 2201 Chapter Notes - Chapter 1: Folksonomy, Marketing Plan, Target Market
16 Dec 2016
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Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large ama association. Value: the benefits a customer receives from buying a good or service. Marketing: an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Stakeholders: buyers, sellers, or investors in a company, community residents, and even citizens of the nations where goods and services are made or sold in other words, any person or organization that has a stake in the outcome. Consumer: the ultimate user of a good or service. Marketing concept: a management orientation that focuses on identifying and satisfying consumer needs to ensure the organization"s long-term profitability. Need: the recognition of any difference between a consumer"s actual state and some ideal or desired state. (can be physical or psychological)
