MAR 3023 Study Guide - Quiz Guide: North American Free Trade Agreement, Marketing, Ethical Decision
Document Summary
Marketing = the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, partners, and society. Marketers manage customer relations to benefit an organization and its employees, customers, investors, and society. Three main components = creating, communicating, and delivering. Organizations (of all kinds) today are always looking for new ways to provide value to customers. An organization has created value when then benefit of the product equals or exceeds the cost of the product. Key ingredient for creating value = providing customers with benefits that fulfill their needs and wants. Fact: over 80% of new products fail, regardless of economic conditions: to create value for a new product, it must satisfy a perceived marketplace demand. A firm needs to communicate both what the product is and what value the product brings to potential customers. It is also important to communicate your value in your personal life: example: job resume.
