COMM 296 Lecture Notes - Lecture 1: Data Mining, Conversion Marketing, Retail
Document Summary
Apple succeeds because the revolutionary products it relseases to the market provide the best value to customers. Placement the way it reaches customers. Marketing is about satisfying customer needs and wants. Understanding the marketplace (needs/wants) is key. Is performed by both individuals and organizations. Requires product, price, place and promotion decisions. Entails an exchange (trade of things of value between buyer and seller) The marketing mix a set of four interrelated decisions (ps: product creating value. Combining goods and services in order to add value. Ideas can also be marketed (opinions, programs, philosophies) e. g. nadal adds value to nike brand. Children listen to a talk on safety and actively take the advice (value occurs: price: capturing value. Price is everything the buyer gives up money, time, energy in exchange for the product: place: delivering value. Even the best products will go unsold if marketers cannot communicate/promote their value to customers. Marketing performed by both individuals and organizations.
