Determining the needs of a targeted group of consumers and satisfying those needs by using the 4 P’s of marketing to create an immediate exchange of value and a long term relationship.
4 P’s of Marketing?
– Product – physical good, service, idea – Price – value to be exchanged – Promotion – how communicated – Place – where available
Make what you can sell rather than Selling what you can make
People giving up something to receive something they would rather have.
Conditions of Exchange?
1) At least 2 parties. 2) Each party has something that might be of value to the other. 3) Each party is capable of communication and delivery. 4) Each party is free to accept / reject offer. 5) Each party is ok dealing with the other party.
A philosophy that focuses on the internal capabilities of he firm rather than on the needs and desires of the marketplace. Problem: lack of understanding the needs of the marketplace.