BUAD301 Chapter Notes - Chapter 1: Sales Promotion, Marketing Mix, Total Quality Management
11 Sep 2018
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Seller also has needs: profit, remain in business, pride, etc. Products are sold to satisfy both consumer" and marketers" needs. Definition: the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Advertising agencies (traditional, digital, sales promotion, etc) Government (make sure marketing is fair and ethical) The marketing mix: marketers strategic toolbox of the four p"s. Product: a good, service, idea, place - whatever is offered for sale in the exchange. Includes design/packaging, physical features, and associated services. Promotion: marketing communication includes different activities to inform consumers about their products and encourage sales. Place: the availability of a product to the customer at a desired time/location. Channel of distribution: the series of firms/individuals that facilitate the movement of products from the producer to consumer. Price: the amount paid for the product, the assignment of value relating to quality or consumer interest.
