Principles of Marketing - Week 1
Principles of Marketing - Week 1 Mkt 3820
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This 1 page Class Notes was uploaded by Anna Notetaker on Saturday August 29, 2015. The Class Notes belongs to Mkt 3820 at Middle Tennessee State University taught by Dr. Lucy Matthews in Fall 2015. Since its upload, it has received 132 views. For similar materials see principles of marketing in Business at Middle Tennessee State University.
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Date Created: 08/29/15
Principles of Marketing MKT 3820 Lucy Matthews Week 1 Marketing is the activity and processes for creating communicating delivering and exchanging offerings that have value for customers An exchange must consist of at least two parties contains something of value communication and delivery is done acceptance or rejection and a desire to deal with others An exchange may not take place even when the conditions are met For example you maybe craving a box of cookies You get to the market and they are in stock but the price is higher than you desire to pay So the exchange did not happen because the cost was higher and you chose to reject the item rather than purchase There are four marketing management philosophies 1 Production 2 Sales 3 Market 4 Societal In the end marketing simplistic de nition is the selling of something and the collection of money from the sale of the item A societal market is when you are wanting to satisfy your customers For example making items more durable or ecofriendly In marketing the customer is in charge because in the end the customer is making the decision Questions that will help determine the marketing philosophy 1 Production gt what can we make or do best 2 Sales gt how can we sell more aggressively 3 Marketing gt what do customers want and need 4 Societal gt what do customers wantneed and how can we bene t society
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