MKTG 2800 Chapter Notes - Chapter 2: Privately Held Company, Non-Governmental Organization, Customer Satisfaction
21 Jun 2017
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Ch 2 textbook notes developing successful organizational and marketing strategies. Organization- legal entity that consists of people who share a common mission. Motivates organizations to develop offerings (goods, services, or ideas) that create value for both the organization and its customers by satisfying their needs and wants. Three types of organizations: for profit, nonprofit, government agencies. For profit- business firm- privately owned organization that serves its customers to earn a profit so that it can survive. Profit is the money left after a for-profit organization subtracts its total expenses from its total revenues and is the reward for the risk it undertakes in marketing its offerings. Nonprofit is nongovernmental organization that serves its customers and has goals of operational efficiency or client satisfaction. Government agency- federal, state, city, county unit that provides a specific service to its constituents. Organizations that develop similar offerings create an industry.
