MK 201 Lecture Notes - Lecture 3: North American Industry Classification System, North American Free Trade Agreement, Strategic Business Unit
15 Nov 2016
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Document Summary
Figure 1-1 a marketing department relates to many people, organizations, and environmental forces. Figure 1-2 marketing seeks to discover consumer needs through research and then satisfy them with a marketing program. - marketing is the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society. - exchange is the trade of things of value between a buyer and a seller so that each is better off. - a market consists of people with both the desire and the ability to buy a specific offering. - a target market consists of one or more specific groups of potential consumers toward which an organization directs its marketing program. - the marketing mix consists of the marketing manager"s controllable factors product, price, promotion, and place that can be used to solve a marketing problem. Customer value proposition is the cluster of benefits that an organization promises customers to satisfy their needs.
