[MAR 301] - Final Exam Guide - Comprehensive Notes for the exam (37 pages long!)
Document Summary
Chapter 1: marketing: creating customer value and engagement. Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return. Customer focus is essential for a companys business success. = capture value from customers to create profits and cutomer equality understanding the marketplace and customer needs: State of deprivation: physical: food, clothing, warmth, safety social: belonging and affection individual: knowledge and self-expression. Form that needs take as they are shaped by culture and individual personality. Willing to deal exchange and marketing: pots hats baskets hoes knives. **in very basic economic systems, each seller must meet directly with each buyer in order to exchange something of valu. As needs increase, the number of exchanges can soon become unmanageable for one person central market middleman: 5 exchanges required with central market: in a centralized market, a buyer can go to one location to find many different products from many different sellers.
