[MKT 337] - Final Exam Guide - Comprehensive Notes fot the exam (31 pages long!)
Document Summary
Marketing: the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large. Discover the needs and wants of prospective customers. Exchange: the trade of thins of value between buyers and sellers so that each is better off after the trade. What is needed for marketing to occur. Two or more parties with unsatisfied needs. Then a bookstore has wired magazines on their shelves that they want to sell. A desire and ability on their part to be satisfied. You also have the money to go and buy the magazines and the bookstore wants to sell them to you or anyone else. A way for the parties to communicate. You received a free sample of the magazine in the mail so you know that bookstore sells them. You give the money and the bookstore gives the magazine. Businesses spend billions on market research to mitigate the risk of product failure.
