MGT 103 Chapter Notes - Chapter 1: Relationship Marketing, Marketing Mix, Market Orientation

• School: UCSD
• Department: Rady School of Management
• Course: MGT 103
• Professor: Campbell

Document Summary

Because the organization can"t satisfy all consumer needs, it must concentrate its efforts on certain needs of a specific group of potential consumers. This is the target market: one or more specific groups of potential consumers toward which an organization directs its marketing program. The four p"s (elements of the marketing mix) Product: a good, service, or idea to satisfy the consumer"s needs. Price: what is exchanged for the product. Promotion: a means of communication between the seller and the buyer. Place: a means of getting the product to the consumer. These elements are the controllable factors that can be used by the marketing manager to solve a marketing problem. Called controllable factors because they are under the control of the marketing department in an organization. An effective marketing mix conveys to potential buyers a clear customer value proposition: cluster of benefits that an organization promises customers to satisfy their needs.