MAR 3023- Midterm Exam Guide - Comprehensive Notes for the exam ( 46 pages long!)
Document Summary
Marketing class notes chapter 1: marketing is a management process through which goods and services move from the concept to the customer; it includes 4 elements price, product, place, promotion, arby"s (cid:449)e ha(cid:448)e the meats. Pharrell williams / grammys hat: marketing is an organizational function that consists of three components. Creating value: perceived benefits known as customer value. Prior to the 1920s: sales orientation. Do not care about repeat buying: auto dealerships, direct marketing, marketing concept. Era of expansion beginning in the 1950s. Relationship marketing: value is created when consumer wants and needs are satisfied. Exchange: you give something in exchange for meeting your wants or needs (usually money) Wants: a luxury (being hungry for mcdonalds: the four ps. Promotion: technology like smartphone barcode scanners make pricing a more complicated and influential component of the marketing mix because consumers can quickly compare prices from firm to firm and from store to store, global marketing.
