[BUAD 307] - Midterm Exam Guide - Comprehensive Notes for the exam (28 pages long!)
5 Oct 2016
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Document Summary
Marketing is creating, capturing, communicating, delivering, and exchanging offerings that have value for customers. Providing an exchange both the buyer and the seller are better off in the result. Performed by individuals and organizations (b2b or b2c) Requires product (creating value), price (capturing value), place (delivering the value proposition), promotion (communicating the value proposition) Describe how marketers create value for a product or service. Give customer what they want assumes buyers evaluate choices based on fixed value concepts often has more to do with products with high buyer familiarity. Help customers learn what they want assumes buyer can learn and evolve with new value concepts often works in rapidly evolving markets, where there is a growing number of novel products. Studies customer wants and transcends the production or selling orientation to discover these wants and needs. Limitations development of breakthrough products is difficult and market opportunities can pass during the over analysis of customer needs.
