MKTG1203 Study Guide - Final Guide: Fitbit, Profit Margin, Media Mix
Document Summary
1. 1 define the role of marketing in organisations. Activity (active) set of institutions and processes involved in creating, capturing, communicating, delivering and exchanging offerings (good, services and ideas) that have value for customers, clients, partners and society in general. Involves the exchange of value so both buyer and seller are better off as a result: e. g tangible: goods- items you can physically touch, nike shoes, pepsi, coke e. g intangible: idea of manifesto, brexit, tickets- paying for the experience. Marketing can go beyond product/service/idea and get to the brand e. g uwa. Must understand the marketplace, and especially consumer needs and wants. Core aspects entails an exchange requires product, price, place, promotion decisions occurs in many settings satisfying customers needs and wants can be performed by individuals and organisations. Price- captures value not always monetary, can be time and energy how much are customers willing to pay so that they are satisfied with the purchase and the seller makes a reasonable profit.
