MKT 320F Lecture Notes - Lecture 1: Strategic Planning, Customer Satisfaction, Relationship Marketing
Document Summary
Marketing: activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large. Entails processes that focus on delivering value and benefits to customers, not just selling goods, services, ideas. Uses communication, distribution, and pricing strategies to provide customers and other stakeholders with the goods, services, ideas, values and benefits they desire when and where they want them. Involves building long-term, mutually rewarding relationships when these benefit all parties concerned. Also entails an understanding that organizations have many connected stakeholder. Partners, including employees, suppliers, stockholders, distributors and other. Exchange: people giving up something in order to receive something else they would rather have. There must be at least two parties. Each party has something that might be of value to the other party. Each party is capable of communication and delivery. Each party is free to accept or reject the exchange offer.
