ENT 526 Lecture Notes - Lecture 1: Sales Promotion, Ebay, Retail
6 Dec 2016
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Document Summary
What is marketing? communicating, delivering, and exchanging offerings that have value for customers, (cid:498)marketing is the activity, set of institutions, and processes for creating, clients, partners, and society at large(cid:499) american marketing association, 2007. Customers buy your product only if consumers demand it i. e. if you are a toy manufacturer your marketing efforts should be geared towards exciting the children about your product so they will ask their parents to make a purchase. Wants: not essential for survival (something you desire for pleasure) Demands: somebody who desires your product and has the purchasing power. Marketing channels: store/online, the channel of selling product. Marketing environment: how will you distinguish your product from others in your environment. Competition: will try to drive you out of business. Change is the only constant thing in marketing. A need is when a person feels deprived of the basic necessities of life.
