BU352 Study Guide - Midterm Guide: List Price, Retail, Marketing Mix
Document Summary
Marketing: a set of (cid:271)usi(cid:374)ess pra(cid:272)ti(cid:272)es desig(cid:374)ed to pla(cid:374) for a(cid:374)d prese(cid:374)t a(cid:374) orga(cid:374)izatio(cid:374)"s produ(cid:272)ts of services in ways that build effective customer relationships. Marketing is about satisfying customer needs and wants. Marketing requires product, price, place, and promotion decisions. Marketing can be performed by both individuals and organizations. Marketing plan: a written document analyzing the current marketing situation (swot), marketing objectives and strategy for the fours ps, action programs, and projected financial statements. Target market: the customer segment or group to whom the firm is interested in selling its products and services. Product creating value: product/service, brand, size, quality, features, packaging, warranty. Price transacting value: list price, discounts, allowances, costs, payment period, credit terms. Place delivering value: marketing channels, distribution channels, retails, online, supply chain, logistics. B2c (business-to-consumer): the process in which businesses sell to consumers. B2b (business-to-business): the process of selling merchandise or services from one business to another.
