kotcha01 - Chapter 1 Marketing in a Changing World:...

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1         Chapter 1 Marketing in a Changing World:  Creating Customer Value and  Satisfaction
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2   What is Marketing? Process by which individuals and groups  obtain what they  need need and  want  want through  creating and  exchanging products  exchanging products and value     with others. Simply put: Marketing is the delivery of  customer satisfaction at a profit.
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3 Core Marketing Concepts  (Fig. 1-1) Needs, wants,  and demands Products and services Value,  satisfaction,  and quality Exchange,  transactions,  and relationships Markets
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4 Needs  Needs - state of felt deprivation for basic items  such as food and clothing and complex needs  such as for belonging. i.e. I am hungry. Wants Wants - form that a human need takes as  shaped by culture and individual personality.   i.e. I want a hamburger, French fries, and a soft  drink. Demands Demands - human wants backed by buying  power. i.e. I have money to buy this meal. What are Consumer’s Needs,  Wants and Demands? Meeting Consumers’ Needs, Wants, and Demands This interview with Jeff Manning, Executive Director of the California Milk Processor Board, describes how the needs of consumers led to a popular slogan.
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5 Products Anything that can be Offered to a Market to Satisfy a Need or Want Experiences Persons Places Organizations Ideas Information What Will Satisfy Consumer’s  Needs and Wants? Services Activities or Benefits Offered for Sale That Are Essentially Intangible and Don’t Result in the Ownership of Anything
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6 How Do Consumers Choose Choose Among Products and  Services? Total Quality Management  Involves Improving the  Quality of Products, Services, and                        Marketing  Processes Product’s Perceived Performance in Delivering Value  Relative to Buyer’s Expectations is             Customer  Satisfaction Value Gained From Owning a Product and Costs  of Obtaining the Product is        Customer  Value
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This note was uploaded on 06/03/2011 for the course AED 402 taught by Professor Larson during the Spring '11 term at University of Florida.

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kotcha01 - Chapter 1 Marketing in a Changing World:...

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