BADM 3401- Midterm Exam Guide - Comprehensive Notes for the exam ( 41 pages long!)
13 Oct 2017
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Influence for the benefit of the firm (cid:498)the most important purpose of marketing is (cid:499) To establish customer reliability in order to grow. Have customers market for you by having a great product. To create value that builds strong customer relationships in order to capture value from customers in return. Marketing management: is the art and science of choosing target markets and building profitable relationships with them. Needs driven by basic human function; states of deprivation. Wants driven by preference rather than necessity; culturally & individually-influenced. Demands wants backed by buying power of consumers. Cannot directly market to needs, but tapping into needs gives you the best competitive advantage. Market offering: some combination of products, services, information, or experiences offered to satisfy a need or want. Marketing myopia: focusing only on existing wants and losing sight of underlying consumer needs; creating value for yourself, rather than your customers.
