[MKT 220] - Midterm Exam Guide - Comprehensive Notes for the exam (13 pages long!)
Document Summary
Process of creating, distributing, promoting and pricing goods, services, and ideas. Facilitate satisfying exchange- buyer and seller are both happy. Develop and maintain favorable relationship w stakeholders- employees, suppliers. Anyone that has a claim to the product. Focus on the target market- group that you"re going after. What the firm can control to meet the needs of customers within the target market. These decisions are important because they address customer needs and wants. The inside circle is what we can control (4 p"s) All decisions should be based on the understanding of the customer. Marketing focuses on customers- business or individual that buys the product. Marketing mix = 4 p"s = product, distribution, promotion, and pricing. Product- good (tangible- belongs to you forever) service (intangible-short amount of time; something directed at you) or idea that satisfies customer needs. Distribution- ready, convient, and timely availability of products. Promotion- activities that inform customers about the organization and its products.
