MMK101 Lecture Notes - Lecture 1: Customer Satisfaction, Direct Marketing, Loyalty Marketing
Document Summary
Marketing = the activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large. We need to understand the needs, wants and demands of the customer in the marketplace within which they operate. Is a product that is some combination of goods and services and experiences that can be offered to a market to satisfy need or want. Exchange = the act of obtaining a desired object from someone by offering them something in return. Transaction = trade between two parties that involves at least two things of value, agreed upon condition, and a time and place of arrangement. These buyers share a particular need or want that can be satisfied through exchange relationships: Marketing management is the art and science of choosing target markets and building profitable relationships with them. A marketing organisations demand comes from 2 different groups:
