MKTG1501 Lecture Notes - Lecture 1: Marketing Management, Product Design, Belongingness
Document Summary
Lecture 1: marketing the social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others, concerned with; Identifying consumer needs: developing appropriate products, offer these to specific groups of consumers, developing plans to price, promote and distribute product, ensuring mutual gains for consumers and producers. Consumer desires: needs states of felt deprivation o physical shelter and food o social belongingness o. Desire satisfaction: products any g or s that satisfies needs or wants, goods tangible, customer value difference between benefits and costs of a product for the. Services intangible o not clear cut distinction though consumer (surplus: customer satisfaction difference between expectations and actual performance. Exchange is the act of obtaining something through exchange of something else: aka 3345 for g/s, market is the set of actual and potential boyers of a product, similar need/want o markets interact within an economy.
