BUAD301 Study Guide - Quiz Guide: Voice Of The Customer, Longrun, Marketing Management
31 Oct 2018
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Marketing: the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return. Needs: states of felt deprivation: physical needs for food, clothing, warmth, and safety, social needs for belonging and affection, individual needs for knowledge and self-expression. Wants: the form human needs take as they are shaped by culture and individual personality: shaped by one"s society and are described in terms of objects that will satisfy those needs. Demands: humans wants that are backed by buying power: given people"s wants and resources, people demand products and services with benefits that add up to most value and satisfaction. The arrows represent relationships that must be developed and managed. Thus, a company"s success at engaging customers and building profitable relationships depends not only on its own actions but also on how well the entire system serves the needs of final consumers. )
