MARK 201 Study Guide - Comprehensive Final Guide: Micropolitan Statistical Area, Metropolitan Statistical Area, Marketing Strategy
Document Summary
Marketing: the commercial processes involved in promoting and selling and distributing a product or service. To serve both buyers and sellers, marketing seeks to: discover the needs and wants of customers, satisfy them. Exchange: the trade of things of value between a buyer and a seller so that each is better off after the trade. In an organization, the marketing department is responsible for facilitating relationships, partnerships, and alliances with the customers, shareholders, and suppliers. Environmental forces like social economic, technological, competitive, and regulatory considerations shape the organization"s marketing practices. What is needed for marketing to occur: two or more partiers with unsatisfied needs. The customer with an unmet need, and the supplier providing for the unmet needs. Both the customer and supplier want to satisfy the unmet needs. The customer has the ability to pay for (with money) the product/service, and the supplier has the tools/resources. Coupons, ads (awareness that such options are available from both ends)
