![]() The bundle consists of a tangible good, an intangible serv ice or benefit, and the price of the offering. Marketing creates a bundle of goods and services that the company offers at a price to its customers. Ideally, everyone achieves a satisfactory level of reward. Individuals on both sides of the exchange try to maximize rewards and minimize costs in transactions, in order to gain the most profitable outcomes. the transaction: the terms around which both parties agree to trade value-for-value (most often, money for product).the provider (or seller): the company or organization offering a need-satisfying thing, which may be a product, service, experience or idea. ![]() the product: a physical good, a service, experience or idea designed to fill the customer’s want or need.the customer (or buyer): a person or organization with a want or need who is willing to give money or some other personal resource to address this need.In marketing, the act of obtaining a desired object from someone by offering something of value in return is called the exchange process. This chapter will emphasize the role of marketing in business, but many of the concepts will apply to non-profit organizations, advocacy campaigns, and other activities aimed at influencing perceptions and behavior. In business, the function of marketing is to bring value to customers, whom the business seeks to identify, satisfy, and retain. Marketing is a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for others. Explain the factors that influence customer decisions.Explain the importance of managing the customer relationship.Identify and describe an organization’s value proposition.
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