BUSN 1101 Chapter Notes - Chapter 9: Generic Drug, Marketing Mix, Customer Relationship Management
31 Aug 2016
School
Department
Course
Professor
Document Summary
Marketing - activity, set of institutions, processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing is a team effort involving everyone in the organization. Find out what customers or potential customers need. Engage the entire organization in efforts to satisfy the customers. The marketing concept - satisfying the customer needs while meeting organizational goals, puts the customer first. Marketing strategy - a plan performing two tasks: Developing your marketing mix - implementing strategies for creating, pricing, promoting, and distributing products that satisfy customers. Target market - specific group of consumers who are particularly interested in a product, would have access to it, and are able to buy it. Consumer market - buyers who want the product for personal use. Industrial market - buyers who want the product for use in making other products. Market segments - groups of potential customers with common characteristics that influence their buying decisions.
