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MARK_CHAP 1 (The expanded marketing mix (8ps)
The bold ones are the…
MARK_CHAP 1
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Marketing environment=external macro-environment: The competitive economic, political, legal and regulatory, technological, environmental and sociocultural forces that surround the customers and affect the marketing mix
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Closely interrelated, changes in one may cause changes in others
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What is marketing?
Definition: The process of maximising returns to stakeholders by developing exchanges with valued customers and creating an advantage for them.’
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The marketing concept
A managerial philosophy that an organisation should try to provide products that satisfy customers’ needs through a coordinated set of activities that also allows the organisation to achieve its goals.
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Marketing creates value
Value = customer benefits - customer cost
A subjective assessment of benefits relative to costs in determining the worth of a product
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