MKTG 1 Notes 1

MKTG 1 Notes 1 - Chapter 1 Product: a good, service, or...

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Chapter 1 Product: a good, service, or idea to satisfy the consumer’s needs.  Price: what is exchanged for the product.  Promotion: a means of communication between the seller and buyer.  Place: a means of getting the product to the consumer.  Marketing Mix: the marketing manager’s controllable factors—product, price, promotion,  place—that can be used to solve a marketing problem.  Putting a product on sale. Experience in shopping for products gives us great insights  into the world of marketing. As a consumer, we have already been involved in thousands  of marketing decisions (buying side).  Marketing: Using Exchanges to Satisfy Needs 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.  o Importance of delivering genuine value in the goods, services, ideas marketing to  customers.  o To serve both buyers and sellers, marketing seeks (1) to discover the needs and  wants of prospective customers and (2) satisfy them.  Prospective customers: by for themselves, organizations that buy for  themselves or resale.  Exchange: trade of things of value between buyer and seller so that each is  better off after the trade.  The Diverse Forces Influencing Marketing Activities Relationship Marketing and the Marketing Program The firm achieves meaningful customer relationships by creating connections with its  customers through careful coordination of the product, its price, the way it’s promoted, 
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This note was uploaded on 05/05/2008 for the course BUAD 307 taught by Professor Morristowns during the Spring '07 term at USC.

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MKTG 1 Notes 1 - Chapter 1 Product: a good, service, or...

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