MKT 2020 Lecture Notes - Lecture 1: Home Security, History Of Marketing, Marketing
Document Summary
Marketing: an organizational function and set of processes for creating, communicating, and delivering value to customers and managing customer relationships in ways that benefit the organization and its employees, customers, investors, and society as a whole. Customer value: the perceived benefits that customers receive from a product compared to the cost associated with obtaining it: home security system = safety, insurance plan = saving money, apple iphone = making life easier. In order to create value, a product must meet a perceived demand in order to predict its success. Companies can have very valuable goods, services, or products; but if they cannot get the word out, they will not have any customers. Companies must communicate the value of the product with the public, so that potential customers are aware of it. When creating a resume to apply for a job, you are marketing yourself.
