CHAPTER 1: Marketing overview
Marketing: set of practices to design and plan an organization's products or services in ways
that build effective customer relationships.
Satisfying customers:
Need: basic necessities
Want: how to fulfill that need
Target markets: customer segment to whom the firm is interested in selling its products
and services
Demand is demonstrated by the ability and willingness in selling products and services
Marketing Mix decisions
4P’s
Product: Creating Value
Goods: physically touch
Services: intangible- benefits that are produced by ppl or machines cannot be separated
from the producer
Price: capturing value/transacting value
Price is everything that the buyer gives up in exchange for the product
Money, time, energy
Place: delivering value/marketing channel distribution strategy
All activities necessary to get product to right customer when they want it
Supply chain management
