Marketing Final Exam Notes

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

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Unformatted text preview: 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 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 McDees * 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 Good marketers look BEYOND THE PRODUCT They create brand meaning brand experience o ex: Michael Kors Americans 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 o Organization/company Organizational objectives are met Builds a relationship with customers Share holds are happy Exchange, Transactions & Relationships...
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This note was uploaded on 06/26/2011 for the course MGCR 352 taught by Professor Semabarlas during the Winter '09 term at McGill.

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

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