Marketing Chapter 1 - Marketing Chapter 1 (Creating...

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Marketing Chapter 1 (Creating Customer Relationships and Value through Marketing) Marketing – activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and society at large. Much broader than advertising Focuses on the assessing and satisfying of consumer needs Stresses the importance of delivering genuine benefits in the offerings of goods, services, and ideas marketed to customers Marketing seeks to: 1. Discover the needs and wants of prospective customers 2. Satisfy them Exchange – trade of things of value between buyer and seller so that each is better off after the trade Four Factors of marketing: 1. Two or more parties with unsatisfied needs 2. Desire and ability on their part to be satisfied 3. Way for the parties to communicate 4. Something to exchange Discovering consumer needs 94% of new consumer products don’t succeed in the long run 2 suggestions – focus on the customer benefit, learn from the past Marketing should satisfy consumer needs and consumer wants Need – person feels deprived of basic necessities such as food, clothing, shelter
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This note was uploaded on 09/23/2008 for the course AEM 2400 taught by Professor Mclaughlin,e. during the Fall '07 term at Cornell University (Engineering School).

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Marketing Chapter 1 - Marketing Chapter 1 (Creating...

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