Marketing+Principles+Chapter+1 - Marketing Principles...

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Marketing Principles Chapter 1, January 15, 2008 Marketing 1. Provides value to consumers through close relationships to benefit the organization 2. Seeks to discover the need and wants of prospective consumers. a) Seeks to satisfy your need in exchange for cash b) They try to turn your wants into needs. Exchange: Trade off things of value between the buyer and seller so that each is better off. Provides value for both parties. Product benefit: That which makes the consumer better off following an exchange. ‘’Show Stoppers’’: Are products that doom a product to failure e.g. canned cake. A market: Is defined as potential customers with both the desire and ability to buy a specific product. Market of custom delivery. Target Market: One or more specific groups of potential customers toward which an organization directs its marketing program. Marketing mix: Marketing manager controllable sectors i.e. price, product, place and promotion (4’Ps). Environmental forces:
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Marketing+Principles+Chapter+1 - Marketing Principles...

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