Section 1
Introduction to Marketing
By Boundless
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Marketing is the creation, communication, and delivery of value as well as the management of customer relationships for a lifetime.
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Consumer wants and needs should drive marketing decisions, and no strategy should be pursued until it passes the test of consumer research.
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Product, placement, promotion, and price are four elements of the marketing mix crucial to determining a brand's unique selling proposition.
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Customer-focused marketing is known as SIVA which provides a demand-centric alternative to the four P's supply side of marketing management.
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The act of obtaining a desired object from someone by offering something of value in return is called the exchange process.
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The key to building a strong stakeholder relationship is communicating effectively with all stakeholders.
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Since the business environment is constantly changing and customer preferences keep evolving, marketers are required to adapt rapidly.
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Marketing by firms compared to marketing by individuals differs greatly in terms of customization level and personal attention.
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Marketing adds value to an organization by communicating relevant positioning and building long-term customer relationships.