ARBUS302 Study Guide - Midterm Guide: Neuromarketing, Intranet, Psychographic

• School: University of Waterloo
• Department: Arts and Business
• Course: ARBUS302
• Professor: Kathleen Rodenburg

Document Summary

Car feature is airbags, benefit is safety: marketing seeks to, discover the needs and wants of prospective customers, satisfy them, marketing is not a noun, is a verb, an act of doing something, a process of developing and implementing a strategy to plan and coordinate ways to identify, anticipate, and satisfy consumer demands, with an over riding objective of maximizing benefits. Discovering consumer needs (1) focus on what the consumer benefit is, and (2) learn from the past: a need occurs when a person feels physiologically deprived of basic necessities such as food, clothing, and shelter, a want is a felt need that is shaped by a person"s knowledge, culture, and personality, marketing shapes a persons wants, does not create a need, principle activities of a marketing department, scrutinize consumers to understand what they need, study industry trends, examine competitors products, analyze the needs of a customers" customer.