B A 370 Lecture Notes - Lecture 2: Marketing Mix, Golden Rule, Institute For Operations Research And The Management Sciences
Document Summary
Marketing - 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. Golden rule of marketing: not everyone thinks like me. Marketing is about satisfying customer needs and wants. Marketing creates value through product, price, place, and promotion decisions. Marketing can be performed by individuals and organizations. Goods/services producers (sellers) > communications and delivery > customers/consumers (buyers) Customers/consumers (buyers) > money and information > goods/services producers (sellers) Marketing mix - controllable set of decisions or activities that the firm uses to respond to the wants of its target markets. 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 a buyer gives up (money, time, energy) in exchange for the product or service.
