BUS 343 Chapter Notes -History Of Marketing, Marketing Mix, Triple Bottom Line

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 343
• Professor: Todd Green

Document Summary

Marketing: the process of creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Value: the benefits a customer receives from buying and using a good or service in relation to the costs and sacrifices of buying and using it. Stakeholders: people or organizations who influence or are influenced by marketing decisions. Exchange: process of transfer of value between a buyer and seller. Consumer: the final user of the good or service. Marketing concept: a business orientation that focuses on achieving objectives by understanding customer needs, creating and delivering value in exchanges that satisfy the needs of all parties. Need: the recognition of any difference between a consumer"s actual state and some desired state. Want: the desire to satisfy needs in specific ways that are culturally and socially influenced. Consumer motivated by needs, but make purchase decisions based on wants.