BUSMKT 1040 Study Guide - Final Guide: Marketing, Corporate Social Responsibility, Business Ethics
Document Summary
The activity, set of institutions, and processes of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. The purpose is to provide customers and other stakeholders with the goods, services, idea, values, and benefits they desire when and where they want them. It involves building long term, mutually rewarding relationships when these benefit all parties concerned. Exchange: people giving up something to receive something they would rather have. Does not require money, people can barter or trade. *exchange does not necessarily happen even if all these conditions are present. *marketing can still occur even if the exchange does not occur. The 4 marketing management orientations and the differences between them. Production orientation: a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace. Pros: accesses the firms capabilities strategic market planning.
