Chapter 1-2

Chapter 1-2 - Chapter 1 Marketing is the activity for...

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Chapter 1 Marketing is the activity for creating, communicating, delivering and exchanging offereings that  benefit the organization, its stakeholders and society at large.  To serve both buyers and sellers, marketing seeks (1) to discover the needs and wants of  prospective customers and (2) to satisfy them.  Exchange –trade of things of value between buyer and seller so that each is better off after the  trade.  The organization must strike a balance among the sometimes differing interests of these  individuals and groups. For example, it is not possible to simultaneously provide the lowest – priced and higest-quality products to customers and pay the highest prices to suppliers, highest  wages to employees, and maximum dividends to shareholders.  Environmental forces that effect the organization: Social, Economics, Technological,  Competitive, and Regulatory.  The Organization consists of: research and development, human resources, manufacturing,  management, information systems, finance, marketing.  The organization is owned by shareholders, create relationships with customers, have  partnership with suppliers, and alliances with other orgs.  Showstoppers – factors that might doom the product.  Need occurs when a person feels deprived of basic necessities such as food, clothing, and  shelter.  Want is a need that is shaped by a person’s knowledge, culture, and personality.  Market – potential customers, people with both the desire and the ability to buy a specific  product, make this up.  Target Market – one or more specific groups of potential consumers toward which an  organization directs its marketing programs.  Organization’s marketing department
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Concepts for products Discover consumers needs                                                                                 Satisfy  consumer needs by                                                                                                                                                           designing a  marketing program                                                                                                                                 having the right  combo of four p’s                    ^ v Information about needs goods, services, ideas      ^ v Potential consumers: the market Four P’s (Marketing mix- the marketing manager’s controllable factors – product, price, 
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Chapter 1-2 - Chapter 1 Marketing is the activity for...

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