Marketing Book Study Guide Exam 1MarketingMarketing- the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (AMA Definition)Marketing requires a plan.Marketing Plan- specific marketing activities for a given period of time, it is broken down into various components:- Conception and design- Cost/ Price- Where and how it will be promoted- How it will get to the consumer In any exchange both parties are to be satisfied with the transaction.Transactions aren’t limited to currency or items. The transaction can be informationi.e. Amazon using your info to suggest future purchases. Understanding consumers’ needs and wants is key to marketing success. The Marketing Mix The Four P’s of Marketing:- Product- Place- Price- PromotionThe marketing mix is used to set a controllable set of activities to respond to the wants and needs of its target market.Product- the purpose of the product, service, or idea is to create value for the user through an experience, quenched need, or substitute for work/added time.Price- everything a buyer gives up: time, money, energy in exchange for the product. Price is based on the buyer’s belief in a products value, the key to determining price is figuring out how much customers are willing to pay so they are satisfied with the purchase and the seller achieves a reasonable profit.Place- refers to all activities used to get products to customers when they want it (supply chains, management, logistics). Supply chain management is key to the placeconcept in marketing efficiencies in locations, delivery time, storage, manufacturing dates, and service levels are all key and can add value to a product/organization.Promotion- Communication by a marketer that informs, persuades, and reminds potential buyers about a product or service in order to influence their opinions and elicit a response. Marketing by Individuals and OrganizationsBusiness-to-consumer marketing (B2C) – the process where businesses sell to consumers. Retailers act as marketing intermediaries by buying large quantities of products and selling them to individuals in smaller quantities. Business-to-business marketing (B2B)- is when a business sells products to another businessConsumer-to-consumer (C2C) Marketing- when consumers sell/trade to consumers(Ebay and Craigslist)Individuals constantly market themselves when applying for jobs and other activities. Supply Chain members often market within themselves in order to maintain