MKTG 2201 Chapter Notes - Chapter 1-2: List Price, Swot Analysis, Value Chain
19 Mar 2017
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What is marketing: marketing is engaging customers and managing profitable customer relationships, goals of marketing, attract new customers by promising superior value, keep and grow current customers by delivering satisfaction- association. Summary: marketing creates value for customers, understand marketplace and customers, design a customer value-driven marketing strategy, construct a marketing program, engage customers, build relationships, capture value from customers. Understanding the marketplace and customer needs: five core customer and marketplace concepts, needs, wants, and demands, market offerings, value and satisfaction, exchanges and relationships, markets. Needs: states of felt deprivation, physical needs- food, clothing, warmth, and safety, social needs- belonging and affection, individual needs- knowledge and self-expression. Wants: form taken by human needs when shaped by culture and individual personality. Demands: human wants that are backed by buying power. Marketing offerings: products, services, information or experiences, offer to satisfy a need or want, marketing myopia- paying more attention to the specific products than to the benefits and experiences produced.
