Chapter 1: Overview of Marketing
Last Modified: 2016-03-08
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.
- not random, requires thoughtful planning with emphasis on ethical implications of any decisions on society
specifies marketing strategies for a specific period of time.
- how product/service will be conceived or designed
- how much it costs
- where/how it will be promoted
- how it will get to the consumer
-controllable set of activities that firm uses to respond to the wants of its target markets
- Product - Creating Value
- Price - Capturing Value
- Place - Delivering Value
- Promotion - Communicating
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
all activities necessary to get the product to the right csutomer.
- Supply chain management is a set of approaches that firms employ to efficentialy integrate their suppliers, manufacturers, warehouses, stores and other firms invovled in the transaction into a seamless value chain in which merchandise is produced/distributed in the right quantities to the right locations at the right time while minimizing costs
- buyers/sellers should develop a long term relationship
- based on one transaction. long term relationship does not matter (car sale example)
- Helps firms expand globally
- is pervasive acrros the supply chain
- enriches society
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