BU352 Chapter Notes - Chapter 1: Voice Of The Customer, Marketing Mix, Institute For Operations Research And The Management Sciences
Document Summary
How the product or service will be conceived or designed. Where and how it will be promoted. How it will get to the consumer: the core aspects of marketing are: Marketing can be performed by both individuals and organizations. Marketing requires product, price, place and promotion decisions. Marketing is about satisfying customer needs and wants. The fundamental purpose of marketing is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs. Goods are items that you can physically touch. Services are intangible customer benefits that are produced by people or machines and cannot be separated from the producer. Many offerings represent a combination of goods and services. Ideas include thoughts, opinions, philosophies, and intellectual concepts that also can be marketed: price: transacting value. Price, is everything the buyer gives up money, time, energy in exchange for the product.
