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Marketing Final Exam Notes

Marketing Final Exam Notes - Chapter 1 What is Marketing...

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Chapter 1 What is Marketing?     Satisfying customers needs & wants o Building  and  maintaining  customer  relationship  based on  value  & satisfaction o Goal  attract new customers with promise of superior value &  keep current customers with continuous satisfaction Ex: Disney World They promise to “make dreams come true” Ex: Tim Hortins They promise to “Always be Fresh” o If you take care of customers RESULTS= growth in: 1. Profit 2. Market Share  o Marketing   Groups obtain what they need and want through exchanging  value with others Needs,Wants & Demands Needs= states of self deprivation o Survival purposes 1. Physical need clothing food
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shelter safety 2. Social need belonging affection 3. Individual  knowledge self-expression Wants = shaped by culture/society & individual personality o Wanting MK boots o Wanting not food but McDee’s * when wants get backed up by buying power           demands     Marketing Offers: Products, Services and Experiences     Marketing offer = how a customers  needs + wants are fulfilled  though goods,services,experiences,information  o Different things are offered to the market for satisfaction Ex: car, manicure, hotel It can be tangible, intangible, services, activities,  benefits(sale) Marketing myopia o Situation where sellers focus too much on the product than the  benefit/experience that it provides to the consumer They loose sight of customers needs
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Good marketers look BEYOND THE PRODUCT They create  brand meaning brand experience o ex: Michael Kors American’s Sports wear with a hint of luxury. It  has status, it is more than clothes o Ex2: Nike It is more than just a shoe, it is what the shoe  does for you and where it takes you Value & Satisfaction When a person goes into a store to buy deodorant, they are faced  with many choices o How do they chose?     Their choice is based on their  perception of the value &  satisfaction of a product If they are satisfied   return customer Dissatisfied switch brands o The expectations that are set by the product cannot be too high  or too low Customer value + satisfaction=  building blocks of  developing/maintaining customer relationships Explaining Satisfaction in detail: o Customer Satisfaction   Need is met Positive Feeling is create The product/service has met or exceeded the customers  expectations
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o Organization/company Organizational objectives are met Builds a relationship with customers Share holds are happy
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