MKTG 350 Study Guide - Midterm Guide: North American Free Trade Agreement, Baby Boomers, Interest Rate
17 Sep 2016
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Marketing: the activity, set of instructions, and processes for creating, capturing, communication, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Core aspects of marketing: satisfying needs and wants, entails an exchange, 4 ps (product, price, place, promotion, can be b2b, b2c, and c2c, many settings: society, consumers, supply chain, employees, help creates value. Components of marketing mix: product, price, place, promotion. Price: captures value, what a buyer gives up for good (time, money) Components of market: group of customers with common needs to satisfy and problems to solve who have the ability and authority to buy products. Supply chain management: group of firms that make and deliver a given set of goods and services. Value: reflects the relationship of benefits to cost. Value co-creation: customers act as collaborators to create the product/service (customized nike shoes, smartphone accessories, monograms)
