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| foundation of every business: the business function that develops the products that people want to buy because they know about them, they need (want) them and because they can afford them and they can find them |
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- the common perception is that marketing is about selling, and/or advertising
- common stereotype is door-to-door or car salesmen |
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| marketing is the process of: |
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1. creating 3. promoting
2. distributing 4. pricing
(4 p's: product, price, place, promotion) |
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| primary goal of marketing: |
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- identify unmet consumer needs (marketing research)
- develop products that fill those needs |
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| physical entity you can touch |
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| application of human and mechanical resources for intangible benefit (hair cutting, banking, medical care) |
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| concepts, philosophies, images or issues (political parties, churches, schools) |
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