MKT 250 Lecture Notes - Lecture 1: Marketing Week, Institute For Operations Research And The Management Sciences
Document Summary
Marketing: the activity, set of institutions and processes for creating capturing communicating delivering and exchanging offerings that have value for customers clients partners and society at large. The fundamental purpose of marketing is to create value by developing a variety of offerings including goods services and ideas to satisfy customer needs. Price is everything the buyer gives up (money,time, energy) in exchange for the product. Place or supply chain management describes all activities necessary to get the product to the right customer when the customer wants it. Promotion is communication by a marketer that informs, persuades and reminds potential buyers about a product or service so as to influence their opinions or elicit a response. Brand recognization/ identity brands that are built within our memory. When it comes to being tech innovative which brand comes to mind.
