mkt100 Chapter 1: MKTG - chapter 1 Pt.1/2
Document Summary
Marketing is managing profitable customer relationships (create value to obtain value) Wants a need shaped by individual preference. Demands human wants backed with buying power. Market offering combination of products, services, information, or experiences offered to a market to satisfy wants/needs. Marketing myopia sellers paying more attention to specific product rather than the benefits and experience produced by these products. Exchange getting a desired object from someone by offering something in return. Market actual and potential buyers of a product. Marketing has become two-way relationship between companies and consumers. Companies success with customers relies on entire system. Marketing management art of choosing target markets and developing profitable relations. Selecting customers to serve: company decides who to serve, divides market into segments, select which segment to go after. Market management is customer management and demand management. Value proposition the benefits the company promises to satisfy customer needs.
