MARK 3000 Chapter Notes - Chapter 1: Retail, Ikea, Pro Forma

• School: University of Georgia
• Department: Marketing
• Course: MARK 3000
• Professor: Grantham

Document Summary

Organizational function and a set of processes. For creating, capturing, communicating and delivering value to customers. Value = ratio what is given up for what is obtained. Both parties must believe they are getting value for it to take place. Value is created through the marketing mix. Marketing mix - controllable set of decisions to respond to the wants of target market: product creating value, through a variety of offerings: goods, services, and ideas. Production: focus is on internal capability and technology/product innovation, key question: what does the firm do best, turn of 20th century believe good product will sell itself. Share information about customers and competitors with their/other firms to help get product/service in the marketplace (such as manufacturers or transportation companies) Balancing benefits with costs: use data to satisfy needs, lower costs & long-term loyalties (ikea simple so customers pick and build themselves)