ADV-3008 Lecture Notes - Lecture 1: Customer Relationship Management, Marketing Mix, Institute For Operations Research And The Management Sciences
Document Summary
The marketing concept: business philosophy where the organization determines the needs of the target market and satis es those needs at a pro t. Product: bundle of attributes the consumer receives in a transaction. Price: what the consumer must give up in order to receive the product. Place: all issues related to the system of distribution. Doesn"t have to be tangible (its what you get, and to get it theres a price) Much more involved than where you just purchase it how it got to you. Promotion: all methods used to inform and persuade the target market about products that are available at some price and in some place. Relationship between the 4 p"s: every element is important (cookies) Product, price & place -> promotion (promotional decisions come later, but doesn"t make it any less important you don"t have a solid marketing plan)
