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Unformatted text preview: MARKETING CHAPTER 1 Marketing: the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large Marketing seeks: 1) To discover the needs/wants of prospective consumers a. Consumers may not always know or be able to describe what they need and want. 2) To satisfy them a. Develop a unique marketing program Exchange : the trade of things of value between buyer and seller so that each is better off after the trade. For marketing to occur, at least 4 factors are required: 1) Two or more parties with unsatisfied needs 2) A desire and ability on their part to be satisfied 3) A way for the parties to communicate 4) Something to exchange Market : people with both the desire and the ability to buy a specific product Marketing Mix Controllable factors-Product (good/service)-Price-Promotion (communication)-Place-Environmental forces are uncontrollable and they include social, economic, technological, competitive and regulatory forces....
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This note was uploaded on 02/14/2011 for the course AEM 2400 at Cornell University (Engineering School).