activity set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
specifies marketing strategies for a specific period of time.
-controllable set of activities that firm uses to respond to the wants of its target markets
capturing value- everything the buyer gives up. marketers must determine the price consumers are willing to pay and still be satisfied and the seller still achieves a profit.
•The key to determining prices is to figure out how much customers are willings to pay and assess whether a profit can be made at that point
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