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CSU MKT 300 Exam 1 Study Notes
1.
Marketing Defined:
the process of creating, pricing, distributing, and promoting goods, services, and ideas
to
facilitate satisfying exchange relationships with customers in a dynamic environment
2.
AMA
2004
definition:
Marketing is an organizational function and a set of processes for creating, com-
municating, and delivering value to customers and for managing customer relationships in ways that benefit the organization
and its stakeholders
3.
4
P's:
Product
- Goods, services,
or ideas
that satisfy customer
needs
Pricing
-
Decisions
and
actions
that
establish
pricing
objectives
and
policies
and
set
product
prices Distribution
-
The
ready,
convenient,
and
timely
availability
of
products
Promotion
-
Activities
that
inform
customers
about
the
organization
and
its
products
4.
Exchange:
The
provision
or
transfer
of
goods,
services,
or
ideas
in
return
for
something
of
value
5.
Exchange
Conditions:
Two or more participants have something of value that the other party desires.
Exchange
provides mutual benefit/satisfaction.
Each
party
has
confidence
in
the
exchange
value
of
the
other
party's
ottering.
Each
party
must
meet
the
expectations
of
the
exchange
to
become
trusted
by
the
other
parties.
