[BU352] - Final Exam Guide - Everything you need to know! (52 pages long)
Document Summary
Marketing: a set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships. How the product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer. Marketing is about satisfying customer needs and wants. Lo1 define the role of marketing and explain its core concepts. A need: is when a person feels deprived of the basic necessities of life, such as food, clothing, shelter, or safety. A want: is the particular way in which the person chooses to fulfill his or her need, which is shaped by a person"s knowledge, culture, and personality. To understand customer needs and wants company must first identify: Market: refers to the groups of people who need or want a company"s products or services and have.
