Chapter One Notes

Chapter One Notes - Marketing o Activity set of...

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Marketing o Activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large o Method with which companies create value for a product/service o Understanding marketplace and consumer needs and wants is important for successful marketing o Primary interest to marketers are qualified potential buyers o Occurs in many settings Can be performed by both individuals and organizations o Helps create value Marketers create value for a product/service by increasing its benefits, reducing costs, and/or collecting info about their customers and their wants/needs o Is about satisfying customer needs and wants o Entails an exchange Trade of things of value between buyer and seller so each is better off as result o Important within and outside the firm It helps coordinate activities of many areas: product design, production, logistics, and human resources Helps facilitate the smooth flow of goods through supply chain Helps develop an image that attracts a customer to a firm o Provides the critical function of understanding customers when companies expand
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Chapter One Notes - Marketing o Activity set of...

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