BU354 Final: Chapter 1: Overview of Marketing
Document Summary
Set of business practices that aim to plan and present an organization"s goods or services in ways that build effective customer relationships. Marketing plan: document that presents the marketing activities for a specific time period. Market: groups of people who have needs/wants for a company"s products/services. Marketing mix: involves 4 ps: product, price, place and promotion. What the customer will give in exchange for receiving a product/service. Place: delivering value: how the product/service will reach the customer. How will the customers be aware of the product or service. Concerned with creating and selling products rather than understanding customers needs and wants. These companies try to sell as many products as they can without focusing on making products customers want. Profit comes from sales volume, not repeat business from happy customers. These companies provide a greater value to customers than the competition. Sharing information: sharing info about costumers and competitors across the firm"s various departments, ex.
