Marketing - Google Docs

CHAPTER 1 → Marketing: Creating Customer Value & Engagement Marketing Marketing: process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return. Marketplace & Customer Needs Needs: states of felt deprivation Wants: form human needs take as they are shaped by culture and individual personality Demands: human wants that are backed by buying power Market offering: some combination of products, services, information or experiences offered to a market to satisfy a need or a want Marketing myopia : mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products Exchange: act of obtaining a desired object from someone by offering something in return. Market: set of actual and potential buyers of a product or service Marketing management: art and science of choosing target markets and building profitable relationships with them Customer-driven Marketing Strategy De-marketing: marketing in which the task is to temporarily or permanently reduce demand Production concept: consumers will favour products that are available and highly affordable → organisation focus on improving production & distribution efficiency Product concept: consumers will favour products that offer the most in quality, performance and innovative features → organisation devote energy to making continuous product improvements Selling concept: consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort Marketing concept: achieving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
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