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Summary - MARKETING: AN INTRODUCTION; Chapters: 1,2,3,4,5

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Part 1 – Defining Market and the Marketing Process UNDERSTANDING THE MARKETPLACE AND CUSTOMER NEEDS - Marketing = Marketing is managing profitable customer relationships. Goals: - Attract new customers by promising superior value. - Keep and grow current customer-base...

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Part 1 – Defining Market and the Marketing Process

UNDERSTANDING THE MARKETPLACE AND CUSTOMER NEEDS

- Marketing = Marketing is managing profitable customer relationships.

Goals:

- Attract new customers by promising superior value.

- Keep and grow current customer-base by delivering satisfaction.

- 5 core customer and marketplace concepts:

1. Needs, wants, and demands

2. Market offerings (products, services, and experiences)

3. Value and satisfaction

4. Exchanges and relationships

5. Markets

Customer Needs, Wants, and Demands

- Needs = States of felt deprivation [Verlust, Mangel].

- Basic physical: Food, clothing, warmth, safety

- Social: Belonging and affection

- Individual: Knowledge, self-expression

Æ They are basic part of the human makeup.

- Wants = The form human needs take as shaped by culture and individual personality.

Æ Are shaped by one’s society and are described in terms of objects that will satisfy needs.

- Demands = Human wants that are backed by buying power.

Æ Givens their wants and resources, people demand products with benefits that add up to the most

value and satisfaction.

Market Offerings – Products, Services, and Experiences

Consumers’ needs and wants are fulfilled through…

- Market offerings = Some combination of products, services, information, or experiences offered to

a market to satisfy a need or want.

Are not limited to physical products. They include:

- Services = activities or benefits offered for sale that are essentially intangible and do

not result in the ownership of anything (example: Banking, airline, hotel, home repair

services).

- Persons

- Places

- Organizations

- Information

- Ideas

- Marketing myopia [Kurzsichtigkeit] = The mistake of paying more attention to the specific products

a company offers than to the benefits and experiences produced by these products.

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