Business Administration 3301K Study Guide - Midterm Guide: Visible Minority, Upper Class, Personal Information Protection And Electronic Documents Act
5 Dec 2013
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Transactions are considered marketing because you were exchanging something of value that satisfies a need. Marketing: a set of business practices designed to plan for and present an organizations products or services in ways that build effective customer relationships: requires thoughtful planning with an emphasis on ethical implications. In any exchange, the buyer and the seller should be satisfied with the value they obtained from a transaction. Marketing is about satisfying customer needs and wants. Understanding and satisfying consumer needs and wants is fundamental. Marketers divide the market into subgroups or segments, need to know which market segments your product is most relevant. Marketing is about an exchange: the trade of things of value between the buyer and the seller so that each is better off as a result. Buyers complete the exchange by giving money and information to the seller. Marketing requires product, price, place and promotion decisions. Ideas: include thoughts, opinions, philosophies, and intellectual concepts.
