MKT 100 Lecture Notes - Lecture 1: Retail, Voice Of The Customer
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MKT 100 Full Course Notes
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A need is a basic necessities of life. A want is the way the person decides to fulfill the need, based on knowledge, culture and personality. Companies need to identify the customers or markets for its product or services. Marketers subgroup people into segments that like their product, services or ideas. Goods/services producers (sellers) -> communications / deliver -> Most firms believed a good product will sell itself. Firms found an answer to overproduction by focusing on sales. The focus was on what the consumers wanted. Same as market oriented but also includes giving greater value than the competitor. Value reflects the relationship between benefits and costs. Entails implementing a marketing strategy according to what the consumers want. Not only about low prices but also creating strong products and service. A relational orientation is based on the philosophy that buyers and sellers should develop a long-term relationship for the benefit of both parties.
