24108 Lecture : COMPLETED MARKETING NOTES
Document Summary
Marketing: the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large. Firms with a market orientation perform better than firms without. Marketing benefits society and contributes to higher quality of life, it drives economic growth. Marketing is used by small bizos, large corporations, bizos that sell g&s, non orgs, etc. Marketers need to learn what customers, clients, partners and society want and this is an ongoing process as customer preferences are continually evolving. Markets must be creative; the best are able to offer something that is unique to customers. Exchange: the mutually beneficial transfer of offerings of value between the buyer and seller. A successful marketing exchange involves two or more parties each with something of value desired by the other party, all parties must benefit from the transaction and the exchange must meet both parties" expectations.
