BMGT 350 Chapter Notes - Chapter 1: Fokker E.Ii, Longrun, Marketing Myopia

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 350
• Professor: boyd

Document Summary

Needs: states of felt deprivation, part of the human makeup. 1. a. 1. a. physical needs: clothing, food, shelter, warmth, safety. 1. a. 1. c. social needs: belonging and affection individual needs: knowledge and self expression. 1. a. 2. wants: the form human needs take as they are shaped by culture and individual personality. 1. a. 3. demands: what wants become when backed by buying power. Given their wants and resources, people demand products and services with benefits that add up to the most value and satisfaction. 1. b. 1. market offerings: some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Not limited to physical products, also includes services- activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything. Includes other entities- persons, places, organizations, information, and ideas. 1. b. 2. marketing myopia: the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.