MARK301 Study Guide - Final Guide: Customer Relationship Management, Marketing Myopia, List Of Resident Evil Characters
17 Jan 2018
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Document Summary
Marketing involves the right combination of: product, promotion, price, place. Developed in order to meet a consumer need: based around the consumers needs and wants. Core marketing concepts: needs, wants & demands market offering value, satisfaction & quality exchange, transactions & relationships markets needs, wants and demands . Needs: occur when a person feels deprived of basic necessities, physical; hunger, social; lonely. Wants: needs shaped by culture and individual personality, jeans vs sari, gelato vs ice cream, coffee vs tea, name brands. Outstanding companies pay attention to needs and wants. What is marketed: goods, services, events, experiences, persons (actors, singers, athletes, places, properties, organizations, information, ideas. Value and satisfaction: expectation < performance, satisfaction is high outperformed, expectation > performance, satisfaction is low underperformed, don"t want to outperform by too much otherwise expectations are too high to meet a second time.
