MARK 3000 Lecture Notes - Lecture 2: Customer Relationship Management, Competitive Advantage, Swot Analysis
22 Aug 2016
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Document Summary
Marketing: organizational function and set of processes for creating, capturing, communicating, and delivering value to customers. Marketing mix (the four p"s): product, price, place, and promotion the controllable set of activities that a firm uses to respond to the wants of its target markets. Goods are items you can physically touch. Services are intangible customer benefits that are produced by people or machines and cannot be separated from the producer. Combo of the two: you buy a concert ticket online. You"re not paying for the physical ticket stub but the experience. Price is everything the buyer gives up in exchange for the product. Must be amount customer is willing to pay and which gives a profit. Getting into a seamless value chain in the right size, locations, at the right time while minimizing costs, etc. Telling customers about their product to influence their opinions.
