MKT-3010 Study Guide - Midterm Guide: Determinant, Decision Rule, Whole Foods Market
Document Summary
You are responsible for all vocabulary in chapter 1 except: customer relationship management, marketing channel, entrepreneurs. The right product to the right customer at the right time. Product (creating value or offerings that have value), price (capturing value, what are ppl willing to pay, anything a consumer gives up), place (delivering and optimizing value), promotion (communicating value, perform persuade remind) It optimizes the value: right quantities, locations, time while minimizing system wide costs and satisfying the service levels req by customers. It helps seek the right product to the right consumer. Potential customers that have an interest in product and ability to buy. Price = costs + hassel what you get vs what you give up. Personal value equation value = benefits - price. Balance benefits with costs, era currently in, ex: bravo club, must: offer excess, benefit both sides, share info w customers & suppliers, building long term relationships (mylowes)
