M300 CH1 - M300- Chapter 1 1/9/2008 12:11:00 AM Marketing-...

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M300- Chapter 1 09/01/2008 00:11:00 Marketing - is an organizational function an 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 stakeholder. To serve both buyers and sellers, marketing seeks… To discover the needs and wants of prospective customers, And to satisfy them. Exchange - an exchange between a buyer and a seller in which both are better off after the trade. The marketing department is responsible for developing relationships with the organization’s shareholders, suppliers and other organizations. Social, technological, economic, competitive, and regulatory forces also shape an organization’s marketing activities. Marketing decisions are affected by and also impact society as a whole. HOW MARKETING DISCOVERS AND SATISFIES CONSUMERS NEEDS 1. discovering the needs of prospective consumers. 1. Consumers don’t always know what they need and want. 2. Produce what they need and want, and don’t produce what they don’t need and want. Meeting the changing needs of consumers is a continuing challenge for firms around the world. Effective marketing, in the form of creating an awareness of good products at convenient locations, can clearly shape a person’s wants.
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M300 CH1 - M300- Chapter 1 1/9/2008 12:11:00 AM Marketing-...

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