ADM 1100 Chapter Notes - Chapter 11: Consumer Futures, Target Market, Marketing
11 Dec 2017
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Marketing is an organizational function and set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Discover unmet customer needs; research potential markets; produce a good/service capable of satisfying targeted customers; promote, price and distribute good/service. Successful organizations focus on building customer relationships throughout the process. Best marketers give consumers what they want and anticipate consumers" needs before they surface. Exchange process: an activity in which two or more parties trade something of value (such as goods, service or cash) that satisfied each other"s needs. Utility is the power of a good or service to satisfy a want or need. Create time utility by making a good or service available when customers want to purchase it. Create place utility by making a product available in a location convenient for customers.
