MKT 2221 Lecture Notes - Lecture 2: Strategic Business Unit, Marketing Strategy, Marketing Plan
Document Summary
Marketing: the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and society at large. Exchange: the trade of things of value between buyer and seller so that each is better off after the trade. Market: the people with both the desire and the ability to buy a specific offering. Target market: one or more specific groups of potential consumers toward which an organization directs its marketing program. Marketi(cid:374)g (cid:373)i(cid:454): the four p"s are the (cid:373)arketi(cid:374)g (cid:373)i(cid:454), the (cid:373)arketi(cid:374)g (cid:373)a(cid:374)ager"s (cid:272)o(cid:374)trolla(cid:271)le fa(cid:272)tors (product, price, promotion, place) Environmental forces: forces that are mostly beyond their control. Customer value: the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after sale service at a specific price. Relationship marketing: the hallmark of developing and maintaining effective customer relationships, linking the organization to its individual customers, employees, suppliers, marketers, and other partners for mutual long term benefits.
