![]() ![]() anything you give up or sacrifice in order to receive something. customers are NOT all the same -Marketing entails an EXCHANGE. Marketing= satisfying customer wants and needs. Can be performed by individuals and organizations. ![]() Creates value through product, place, price, and promotion 5. Marketing affects various stakeholders 2. Chapter 1: Overview of Marketing How do companies provide value? How do they distinguish themselves? -Addressing consumer needs -Value is created for the consumer by providing wants and needs -The value lies in the eyes of the consumer -Distinguish themselves through COMPETITIVE ADVANTAGE -ex: Whole Foods competitive advantage is high quality, organic, whole Costco is bulk quantities and lower prices What is Marketing? - MARKETING is an organizational function and set of processes for creating capturing, communicating, and delivering VALUE to customers and for managing customer relationships in ways that benefit the organization and its stakeholders -CORE ASPECTS OF MARKETING: 1. ![]()
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