COMMERCE 2MA3 Lecture Notes - Lecture 1: Marketing Channel, Marketing, Target Market
6 Nov 2016
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Document Summary
Marketing products and services in ways that build effective customer relationships. A set of business practices designed to plan for and present an organization"s the four p"s, action programs, projected or pro forma income (and other. A written document composed of an analysis situation, opportunities and threats of the firm, marketing objectives and strategy specified in terms of financial) statements. Marketing is about satisfying customer needs and wants. Requires product price, place, and promotion decisions. Needs: basic necessities such as food, clothing, shelter, and safety. Want: the particular way in, which a person chooses to satisfy a need, which is shaped by a person"s knowledge, culture, and personality. Market: refers to groups of people who need or want companies products or services and have the ability and willingness to buy them. Target market: the customer segment or group to whom the firm is interested in selling tis products and services.
